Question

A small town of 1,000 people increases its population by 2,000 the grocery store raises its prices to match the new equilibrium price point

Answer 1

1. If a shift in demand and/or supply has taken place, identify the change and list the determinant.

Answer:

The answer is below

Step-by-step explanation:

The demand has increased or shifted to the right.

The supply did not change.

The determinant for this situation is the increase in demand

However, with the price increment, the will be an increase in supply.