Question: If the demand for a product increases by 30% and the supply remains constant, what will happen to the price?
Options:
Decrease
Increase
Remain the same
Cannot be determined
Correct Answer: Increase
Solution:
With constant supply and increased demand, the price will increase.
If the demand for a product increases by 30% and the supply remains constant, wh
Practice Questions
Q1
If the demand for a product increases by 30% and the supply remains constant, what will happen to the price?
Decrease
Increase
Remain the same
Cannot be determined
Questions & Step-by-Step Solutions
If the demand for a product increases by 30% and the supply remains constant, what will happen to the price?
Law of Demand and Supply – When demand increases while supply remains constant, prices tend to rise due to higher competition for the available product.
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