In a competitive market, what happens to equilibrium price and quantity when demand increases and supply remains constant? A. Price increases, quantity decreases B. Price decreases, quantity increases C. Price and quantity both increase D. Price and quantity both decrease
In a competitive market, what happens to equilibrium price and quantity when demand increases and supply remains constant? A. Price increases, quantity decreases B. Price decreases, quantity increases C. Price and quantity both increase D. Price and quantity both decrease
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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In a competitive market, what happens to equilibrium price and quantity when demand increases and supply remains constant?
A. Price increases, quantity decreases
B. Price decreases, quantity increases
C. Price and quantity both increase
D. Price and quantity both decrease
A. Price increases, quantity decreases
B. Price decreases, quantity increases
C. Price and quantity both increase
D. Price and quantity both decrease
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