Explain the Effect of the Following Changes on Equilibrium Price

question 134

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:

Social Performance

The measurement and assessment of a company or organization's impact on its stakeholders and society at large, considering social, environmental, and economic factors.

Environmental Performance

Relates to how well an organization performs in managing and reducing its environmental impacts.

Clean Water Act

A comprehensive federal law in the United States, enacted in 1972, regulating the discharge of pollutants into the nation's waters and setting water quality standards.

Navigable Waters

Bodies of water that are deep and wide enough for ships and boats to travel through, often regulated to ensure free and safe passage.