Question

If the demand for a good or service increases, how will prices effect supply?

Answer 1

if the demand of a good or service is up and supply is down the price will go up but if demand is down and supply is up prices go down

Answer 2

If demand increases (decreases) and supply is unchanged, then it leads to a higher (lower) equilibrium price and quantity. If supply increases (decreases) and demand is unchanged, then it leads to a lower (higher) equilibrium price and higher (lower) quantity.