A fall in the price of a good causes producers to reduce the quantity of the good they are willing toproduce. This fact illustratesA) a change in supply. B) the law of demand. C) the nature of an inferior good. D) the law of supply.
A fall in the price of a good causes producers to reduce the quantity of the good they are willing toproduce. This fact illustratesA) a change in supply. B) the law of demand. C) the nature of an inferior good. D) the law of supply.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 2ST
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A fall in the price of a good causes producers to reduce the quantity of the good they are willing to
produce. This fact illustrates
A) a change in supply.
B) the
C) the nature of an inferior good.
D) the law of supply.
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