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22 March, 22:28

Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market?

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  1. 22 March, 23:24
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    Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.

    Explanation:

    A rise in demand and a decline in supply can lead to an increase in balancing price, but it cannot hold off the effect on balancing quantities. If demand and supply increase, the balance output will increase, but amount impact cannot be determined.

    Recent developments in supply and demand are influencing the price and quantity of product. When the supply curve is upward, which means that the supply declines but the demand remains steady, the balance price increases, but the quantity drops. Of starters, gasoline prices are likely to increase if petrol supplies decrease.

    When both demand and supply fall, the sum of equilibrium declines but the price shift is unclear. In both the supply and demand curves, this means a shift.
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