-If the price of a product increases
A) there is an increase in quantity supplied and a decrease in demand.
B) there is an increase in supply and a decrease in quantity demanded.
C) there is an increase in supply and a decrease in demand.
D) there is an increase in quantity supplied and a decrease in quantity demanded.

Question

-If the price of a product increases
A) there is an increase in quantity supplied and a decrease in demand. 
B) there is an increase in supply and a decrease in quantity demanded. 
C) there is an increase in supply and a decrease in demand. 
D) there is an increase in quantity supplied and a decrease in quantity demanded.

Quizplus · Accepted Answer

When the price of a product increases, producers are willing to supply more of it (increase in quantity supplied) because they can get more money for their goods, and consumers are less willing to buy it (decrease in quantity demanded) because it costs more.

-If the Price of a Product Increases