If there is an increase in demand, the quantity will remain unchanged and the price will rise.
This is because of the Law of demand.
The law of demand is considered as one of the most fundamental concepts in economics. It works in relation to the law of supply which explains how market economies allocate resources and the prices of goods and services are determined that we observe in everyday transactions.
The law of demand also states that the quantity purchased by consumers varies inversely with price.
In other words, the greater the price, the lower the quantity demanded. This happens because of the diminishing marginal utility. That is, consumers use the first units of an economic good purchased by them to serve their most urgent needs at first, and then they use each additional unit of the good to serve their other lower-valued ends.
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