When economists say that the supply of a product has decreased, they mean that

Question

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When economists say that the supply of a product has decreased, they mean that producers will produce a smaller quantity of the product at any given price. This could be due to various reasons such as increase in production costs or decrease in availability of raw materials. As a result, the supply curve shifts to the left leading to a decrease in quantity supplied at each price level.

When Economists Say That the Supply of a Product Has