true or false - explain in shortbe supported with an economic model.If the demand for and supply of a product both increases, the equilibrium quantity of the product must also increase.If the demand for a product decreases and the supply of the product increases, the equilibrium price of the product may increase or decrease, depending on whether supply or demand has shifted more.Assume that there is a fixed supply in the market. A higher price will result from a change in demand brought about by a rise in income.

1. If the demand for and supply of a product both increases, the equilibrium quantity of the product…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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true or false - explain in short

be supported with an economic model.

If the demand for and supply of a product both increases, the equilibrium quantity of the product must also increase.
If the demand for a product decreases and the supply of the product increases, the equilibrium price of the product may increase or decrease, depending on whether supply or demand has shifted more.
Assume that there is a fixed supply in the market. A higher price will result from a change in demand brought about by a rise in income.

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