If demand increases without a change in supply, equilibrium price and quantity will
ECONOMICS
JAMB 2011
If demand increases without a change in supply, equilibrium price and quantity will
- A. remain unchanged
- B. shift inward
- C. fall
- D. rise
Correct Answer: D. rise
Explanation
If demand increases without a corresponding increase in supply, prices will go up because consumers would be willing to buy the available commodity at any price due to scarcity.
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