3 Questions
What happens to price and quantity when demand increases but supply remains constant?
Price increases, quantity increases
What is the likely impact on price and quantity when both demand and supply increase?
Price may increase, quantity could increase or decrease
In a market, what effect does a decrease in supply have on equilibrium price and quantity?
Price increases, quantity decreases
Test your understanding of demand and supply with this quiz. Explore scenarios where demand increases while supply remains constant, the effects of a decrease in supply on equilibrium price and quantity, and the impact of simultaneous increases in both demand and supply. Sharpen your knowledge of market dynamics and the relationship between price and quantity.
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