In a perfectly competitive market, what happens to the equilibrium price if the demand for a product increases while the supply remains constant?

In a perfectly competitive market, the equilibrium price is where the quantity demanded by consumers equals the quantity supplied by producers. If the demand for a product increases while the supply stays the same, more people want to buy the product than what is currently available. This higher demand creates a situation where buyers are willing to pay more to secure the product, which pushes the price up. For example, if more people suddenly want to buy apples but the number of apples available does not change, the price of apples will rise because sellers can charge more due to the increased interest. Therefore, the equilibrium price will increase until a new balance is found between the quantity demanded and the quantity supplied.