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 Select one: O a. the nature of an inferior good. O b. a change in supply. O c. the law of supply. O d. the law of demand.

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 Select one: O a. the nature of an inferior good. O b. a change in supply. O c. the law of supply. O d. the law of demand.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 5QR

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Question

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
Select one:
O a. the nature of an inferior good.
O b. a change in supply.
O c. the law of supply.
O d. the law of demand.

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