In a market where the demand for a product increases while supply remains constant, what is the likely outcome regarding the product's price, considering the concept of opportunity cost?

When the demand for a product increases but the supply stays the same, it means more people want to buy that product than what is available. This situation creates competition among buyers, which typically drives the price up. The concept of opportunity cost comes into play here because consumers must consider what they are giving up when they decide to spend more money on this product instead of something else. For example, if more people want to buy a new video game that has limited copies, they might pay a higher price, giving up the chance to spend that money on snacks or another game. Ultimately, as the price rises, some buyers might choose not to purchase the game at all, balancing out the demand with the limited supply.