When supply for a good decreases,consumers respond by
A) decreasing their demand.
B) increasing their preferences for the good.
C) decreasing their quantity demanded.
D) increasing their quantity demanded.
E) purchasing more complementary goods.

Question

Quizplus · Accepted Answer

When the supply for a good decreases, it means there is less of that good available on the market. This may lead to an increase in the price of the good, which in turn causes consumers to reduce the quantity demanded. Thus, consumers respond by decreasing their quantity demanded.

When Supply for a Good Decreases,consumers Respond by