Gce Model Questions Vol1 2022 Economics Question 48
Practice objective / multiple choice question 48 from the 2022 Gce Model Questions Vol1 Economics examination.
Suppose the market demand for a product is represented by the downward‑sloping curve \(D\) and the market supply by the upward‑sloping curve \(S\). If a new health regulation causes consumers to prefer the product more, the demand curve shifts rightward so that at every price the quantity demanded is 20 units higher, while the supply curve remains unchanged. Describe qualitatively how the equilibrium price and quantity will be affected.
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About This Question
This is Gce Model Questions Vol1 2022 Economics Question 48. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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