In a market economy,if the market supply of a product decreases relative to its demand,the product's price will

Question

Quizplus · Accepted Answer

If the market supply of a product decreases relative to its demand, then there will be less of the product available for consumers to purchase. This will create a scarcity of the product, which will drive up its price as consumers compete to purchase the remaining supply. Therefore, the price will rise.

In a Market Economy,if the Market Supply of a Product