Which of these results in an increase in both price and quantity?A.A demand increaseB.A supply increaseC.A demand decreaseD.A supply decrease
Question
Solution 1
The answer is A. A demand increase.
Here's why:
A. A demand increase: When demand for a product or service increases, consumers are willing to pay more, leading to a higher price. At the same time, producers are willing to supply more at the higher price, leading to an increase in quantity.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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