Compare changes in the equilibrium price and quantity when demand increase for an upward sloping supply curve and a vertical supply curve
Please provide the best answer for the statement.
When demand increases the demand curve shifts to the right. For an upward sloping supply curve this means the equilibrium price and quantity will both increase. If the supply curve is vertical, quantity is not influenced by a change in price, the equilibrium price will increase, but quantity will remain the same.
Economics
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