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8 July, 01:53

If the price of pants increases, what would you expect would happen in the market for pants?

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  1. 8 July, 01:58
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    Answer: There will be a surplus at the increased price.

    Explanation: Acc. to the law of demand as the price of a good rises the quantity demanded for the good will fall. This is represented by a movement up along the demand curve.

    Acc. to the law of supply as price of a good rises the sellers will supply more units of the good. This is represented by a movement up along the supply curve.

    At the increased price, there will be a surplus in the market given by Q's - Q'd.

    Eventually, the surplus will lead to a fall in the price of pants till demand for the good is equal to its supply.
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