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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 price?

Options:

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

Correct Answer: Increase

Solution: 

According to the law of demand, if demand increases and supply remains constant, the price will increase.

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 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 price?
  • Law of Demand – The principle that, all else being equal, an increase in demand leads to an increase in price when supply is constant.
  • Supply and Demand Dynamics – Understanding how changes in demand and supply affect market equilibrium and pricing.
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