Question

In a market economy, if the price of a good increases, the quantity demanded by consumers and the quantity supplied by producers will change in which of the following ways?

A. Quantity demanded by consumers will Increase, Quantity supplied by producers will increase
B. Quantity demanded by consumers will increase, Quantity supplied by producers will decrease
C. Quantity demanded by consumers will decrease, Quantity supplied by producers will increase
D. Quantity demanded by consumers will decrease, Quantity supplied by producers will decrease

Answer 1

The correct answer is A hope this helps