If the number of suppliers of a particular product increases, so should the quantity supplied, and the price should fall.

Question

Quizplus · Accepted Answer

If the number of suppliers increases, there is more competition in the market, which can result in a lower price for the product as suppliers try to attract customers. Additionally, with more suppliers, the total quantity available in the market should increase as well.

If the Number of Suppliers of a Particular Product Increases