I was given a word problem but I want to bullet point reasons or answers to the question, rather than one single answer. 1. Assume in a simple example that two changes occur simultaneously in an...

I was given a word problem but I want to bullet point reasons or answers to the question, rather than one single answer.

1. 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”?