1. Say for some generic good that the equilibrium price and the equilibrium quantity both rose. What would you say was the most
1 answer:
When the equilibrium price and the equilibrium quantity both raise, then there is no change in demand and while supply increased.
<h3>What is the equilibrium point?</h3>In economics, equilibrium means that the price and quantity of any product are equal. This situation clearly defined a situation in which demand equals price and quantity, and there is no shortage and goods remain on the market.
As a result, When both the equilibrium price and the equilibrium quantity rise, there is no change in demand while supply rises. Refer to the image below for the complete question.
For more information on the equilibrium quantity, refer to:
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