In a competitive market, what happens to the price of a good when demand increas

Practice Questions

Q1
In a competitive market, what happens to the price of a good when demand increases?
  1. Price decreases
  2. Price remains the same
  3. Price increases
  4. Price fluctuates randomly

Questions & Step-by-Step Solutions

In a competitive market, what happens to the price of a good when demand increases?
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