Asked by
Kgothatso Mampholo
on Nov 17, 2024Verified
An increase in demand will cause an increase in price, which will cause an increase in quantity supplied.
Increase in Demand
A rise in the quantity of a good or service that consumers are willing and able to purchase at each price point.
Quantity Supplied
The quantity of a product or service that sellers are prepared and capable of offering for sale at a specific price point.
- Ascertain the effects of supply and demand alterations on equilibrium in the market.
Verified Answer
WB
Learning Objectives
- Ascertain the effects of supply and demand alterations on equilibrium in the market.