Question: If demand increases for a product, this will cause A. The price of the product to rise B. The amount brought and sold to rise

If demand increases for a product, this will cause

A. The price of the product to rise

B. The amount brought and sold to rise

C. A temporary shortage of the product which will be eliminated over time as buyers competitively bid up the price.

D. All of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!