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Question
An increase in the demand for a commodity (rightward shift of the demand curve) would result in ______.
Options
an increase in equilibrium price only
an increase in equilibrium quantity only
increase in both equilibrium price and equilibrium quantity
decrease in equilibrium quantity
MCQ
Fill in the Blanks
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Solution
An increase in the demand for a commodity (rightward shift of the demand curve) would result in increase in both equilibrium price and equilibrium quantity.
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