What is the effect of an increase in the price of a product?
A)An increase in supply.
B)A decrease in supply.
C)An increase in the quantity supplied.
D)A decrease in the quantity supplied.

Question

Quizplus · Accepted Answer

An increase in the price of a product typically leads to an increase in the quantity supplied, as suppliers are more willing to produce and sell more of the product at higher prices. This is a movement along the supply curve, not a shift of the supply curve itself.

What Is the Effect of an Increase in the Price