Question 3 (Mandatory) (20 points)

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If an increasein demand occurs with no change in market supply, in a competitive market:

Question 3 options:

A)	equilibrium price and quantity will rise.

B)	equilibrium price and quantity will fall.

C)	equilibrium price will rise; equilibrium quantity will fall.

D)	equilibrium price will fall; equilibrium quantity will rise.

E)	neither price nor quantity will change.