Q. An increase in supply generally_____ price and _____ quantity demanded
1. Lowers,raises
2.Raises,lowers
3.Lowers,Lowers
4.Raises,raises
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Explanation:
THE ANSWER IS (1)
LOWERS, RAISES...
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Option 1 is the correct answer.
An increase in supply generally lowers price and raises quantity demanded
- At a higher price sellers are willing to sell more but when demand falls short and there occurs an excess supply then the prices will start to fall because demand is less.
- While as the prices fall demand increases (based on law of demand).
- But eventually, sellers will consequently start selling less (based on law of supply).
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