Question

The supply and demand curves for a market are graft below with price in dollars and quantity in thousands. Which of the following would result from an increase in the supply curve? a. a market equilibrium price greater than $30 b. A market equilibrium price less than $30 c. A market equilibrium quantity less than $30 d. A market equilibrium quantity greater than $30

Answer 1

Answer:

B) A market equilibrium price less than $30

Step-by-step explanation:

When the supply curve increases, it shifts to the right, making the market equilibrium price lower because the oversupply of the quantity causes demand to drive down.