In a market where the demand for a product increases while the supply remains constant, what will likely happen to the equilibrium price of the product?

When the demand for a product increases while the supply stays the same, it means more people want to buy that product. This higher demand can lead to a situation where there are not enough products for everyone who wants to buy them. As a result, sellers may raise their prices because they know people are willing to pay more to get the product. For example, if a popular toy suddenly becomes more desirable during the holidays, stores may increase the price because many parents want to buy it for their children. Therefore, we can expect the equilibrium price of the product to rise as demand increases.