What happens to the equilibrium price of a product when market demand increases, assuming supply remains constant?

When market demand for a product increases and the supply remains constant, the equilibrium price of that product typically rises. This happens because more people want to buy the product, which creates higher competition among buyers. As demand increases, sellers can charge more for their products since there are more customers willing to pay a higher price. For example, if a popular toy becomes the must-have item during the holiday season, many parents will try to buy it, pushing the price up because the number of toys available hasn't changed. Ultimately, the new higher price reflects the increased demand while the supply stays the same.