Effects of Changes in Demand and Supply of a Good (With Diagram)
In this article we will discuss about the effects of changes in demand and supply on the equilibrium price and quantity currently prevailing in the market with the help of Fig. 1.16. This Figure has three parts which depict the effects of an increase in demand if: (i) Supply remains unaffected, (ii) Supply increases, and (iii) Supply decreases. In all [...]