An increase in the demand and the supply for a product will cause which of the following?
I.
The equilibrium quantity to increase.
II.
The equilibrium quantity to remain unchanged.
III.
The equilibrium price to remain unchanged.
IV.
The equilibrium quantity to decrease.
II and III only.
II only.
I and III only.
I only.
Choice ''d'' is correct. The equilibrium quantity will certainly increase, but the effect on price cannot be determined; it may increase, decrease, or remain unchanged.Choices ''a'', ''b'', and ''c'' are incorrect, per the above explanation.
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