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If the demand for a product increases by 10% and the supply remains constant, wh

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Question: If the demand for a product increases by 10% and the supply remains constant, what will happen to the equilibrium price?

Options:

  1. Increase
  2. Decrease
  3. Remain the same
  4. Cannot be determined

Correct Answer: Increase

Solution: 

An increase in demand with constant supply leads to an increase in equilibrium price.

If the demand for a product increases by 10% and the supply remains constant, wh

Practice Questions

Q1
If the demand for a product increases by 10% and the supply remains constant, what will happen to the equilibrium price?
  1. Increase
  2. Decrease
  3. Remain the same
  4. Cannot be determined

Questions & Step-by-Step Solutions

If the demand for a product increases by 10% and the supply remains constant, what will happen to the equilibrium price?
  • Demand and Supply – Understanding how changes in demand and supply affect equilibrium price.
  • Equilibrium Price – The price at which the quantity demanded equals the quantity supplied.
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