How would an increase in demand affect the equilibrium price in a market? A. The equilibrium price decreases. B. The equilibrium price increases. C. The equilibrium price would remain the same. D. More information is needed. It may increase, decrease, or remain the same.

B) The equilibrium price increases.

Explanation:

According to the law of demand, if the quantity demanded of a good or service increases, the equilibrium price will also increase. Since more people are wiling to purchase a good or service and the quantity supplied remains the same, the price of that good will increase because a shortage will be generated.

On the other hand, if the quantity demanded of a good or service decreases, the equilibrium price will decrease.