The correct option is B - "Increase Increase"
What is equilibrium price?
A market-clearing price, often referred to as an equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal.
What is quantity of the good exchanged?
The quantity theory of money is expressed mathematically in the equation of exchange. The equation, in its simplest form, states that nominal spending equals nominal income or that the total quantity of money that moves about in an economy equals the total money value of the things that move around.
Question :
If there is an increase in demand for a good, what will most likely happen to the price and quantity of the good exchanged?
Price Quantity
A. No change No change
B. Increase Increase
C. Increase Decrease
D. Decrease Increase
E. Decrease
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