The correct answer is it will increase by $3. Moving along the supply or demand curves implies that the quantity provided or demanded has changed as the price of a good or service changes. Demand declines when price rises and decreases in quantity demanded (but demand itself stays the same). Quantity requested rises when the price declines. The Law of Demand is this.
Price movement, price course, stock price movement, price change, change in pricing, and price movement.
The rate at which prices increase over a specific time period is known as inflation.
When a vendor raises the cost of goods, services, or commodities to a level that is far higher than what is thought to be acceptable or fair, this is known as price gouging. This incident typically happens following a demand or supply shock.
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