If the supply of a product decreases,we would expect

Question

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When the supply of a product decreases, it means that there is less of it available for consumers to buy. This will cause an increase in the equilibrium price since buyers will compete to purchase the same limited amount of goods available. The decrease in supply also means that the equilibrium quantity demanded will decrease as consumers are unable to buy as much as they would have at the earlier equilibrium price. Thus, we can expect equilibrium price to increase and equilibrium quantity to decrease.

If the Supply of a Product Decreases,we Would Expect