Question: Assume in a simple example that two changes occur simultaneously in an economy which produces Good X. The economic changes that occurs in the market

  • Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X".
  • The economic changes that occurs in the market are: 1) An increase in the number of seller/producers in the economy who make "Good X", and 2) An increase in the number of consumers who purchase "Good X".
  • Assume that this is a competitive market, what will happen to themarket selling priceand themarket quantitythat is bought and sold in the market for "Good X"?

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