Questions: Given that demand increased, what happens in the new equilibrium? PRICE QUANTITY

Given that demand increased, what happens in the new equilibrium? PRICE QUANTITY
Transcript text: Given that demand increased, what happens in the new equilibrium? PRICE $\square$ $\square$ $\square$ QUANTITY $\square$ $\square$
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Solution

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Solution Steps

Step 1: Identify the Change in Demand

The problem states that the demand for used cars has increased.

Step 2: Determine the Effect on Price

When demand increases, the demand curve shifts to the right. This typically results in a higher equilibrium price.

Step 3: Determine the Effect on Quantity

An increase in demand also leads to a higher equilibrium quantity as suppliers respond to the higher price by supplying more.

Final Answer

  • Price: Up
  • Quantity: Up
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