Case study: “Good X”
Assume in a simple example that two changes occur simultaneously in an economy which produces “Good X”
The economic changes that occur in the market are: (1) An increase in the number of seller/producers in the economy who make “Good X”, and (2) An increase in the number of consumers who purchase “Good X”
Assume that this is a competitive market, what will happen to the market selling price and the market quantity that is bought and sold in the market for “Good X”?
