Answered: When producers are willing to sell less…

When producers are willing to sell less than consumers are willing to buy: A. there is excess supply of the product in the market and the price will fall.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 2CQQ

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3. When producers are willing to sell less than consumers are willing to buy:
A. there is excess supply of the product in the market and the price will fall.
B. there is excess demand for the product in the market and price will rise.
C. there is excess supply of the product in the market and the price will rise.
D. there is excess demand for the product in the market and price will fall.

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