effect on price and quantity when demand increases and supply decreases, in short
Question
Solution 1
When demand increases and supply decreases, the following effects are typically observed in the market:
Price Increase: As demand increases, more consumers are willing to purchase the product at higher prices. This drives up the price of the product.
Quantity Decrease: On the other hand, wh Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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