Which of the following correctly state the effects on equiLiBrium price and quantity due to an increase in demand, while holding everything else constant?
1) EquiLiBrium price increases and equiLiBrium quantity increases
2) EquiLiBrium price increases and equiLiBrium quantity decreases
3) EquiLiBrium price decreases and equiLiBrium quantity increases
4) EquiLiBrium price decreases and equiLiBrium quantity decreases