Explain the Effect of the Following Changes on Equilibrium Price

question 132

Essay

Explain the effect of the following changes on equilibrium price and quantity of a commodity:
(a) increase in average incomes.
(b) increase in population.

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Definitions:

Emotional Distress

Negative feelings and stress that result from challenging situations, often impacting mental health and well-being.

Stress

A psychological and physical response to perceived challenges or threats, resulting in strain or tension.

Realistically Appraising Stress

The process of accurately assessing the sources of stress in one's life and their potential impact.

Managing Emotional Reactions

The process of identifying, understanding, and regulating one's emotions to respond to situations in a healthy way.