Question
According to the Law of Supply, what action would producers take if the price of their product suddenly drops?
They will buy more because they are selling at a lower price.
They will produce more because they are selling at a lower price.
They will produce less because they are selling at a lower price.
They will meet with their competitors to raise the price.
They will buy more because they are selling at a lower price.
They will produce more because they are selling at a lower price.
They will produce less because they are selling at a lower price.
They will meet with their competitors to raise the price.
Answers
Answered by
GPT 3.5
They will produce less because they are selling at a lower price.
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