WAEC - Economics (2024 - No. 13)
Other things being equal, an increase in the demand for land in the short-run will cause an increase in the
price only.
price and supply.
quantity supplied only.
supply only.
Explicació
From the graph, the initial demand curve is D.D. and the initial equilibrium is e, when a change in demand occurs, ceteris paribus, the demand curve will move to D,D,. This move the equilibrium to e, and results to change (increase) in prize from P, to P, and change (increase) in quantity from go to go