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

Question

Craig Lamb

Social Studies

8 September, 04:38

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

+2

Answers (2)

Know the Answer?

Turbo · 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

Maggie Chambers · 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.