Question

A producer charges $500 for a cell phone, but buyers are not buying any cell phones at this price. So at this price, the producer is willing to supply _____ phones, and consumers are willing to buy _____ phones.

zero, many
zero, zero
many, zero

Answer 1

It should be Many, zero. The producer is willing to supply the phones but consumers are not willing to buy any at that price.

Answer 2

Thus, The completed statement is : At this price, the producer is willing to supply more phones, and consumers are willing to buy zero phones.

Explanation:

Amount which has been charged by the producer for a cell phone = $500

But give that : buyers are not buying any cell phones at this price

So, it depicts that the consumers are willing to buy zero cell phones.

Also, every producer wants to increase his sale. So, in this case also, The producer is willing to supply many cell phones.

Hence, we can complete the given statement by using the above facts.

Thus, The completed statement is : At this price, the producer is willing to supply more phones, and consumers are willing to buy zero phones.

Thus the correct option is : many , zero