Which of the following best describes the reason why price will increase when demand increases?
OUnit price changes in response to a demand increase, the quantity demanded will be less than quantity
supplied.
Price instantly adjusts to an increase in demand.
d.jhy
At the old equilibrium price, the quantity demanded will exceed the quantity supplied, which will cause a
shortage.
At the old equilibrium quantity, the price people are willing to pay for that quantity has decreased.
At the old equilibrium price, the quantity supplied will exceed the quantity demanded, which will cause a
surplus.