Why this statement is wrong economists claim that when the, Ask an Expert

Economics

Why this statement is wrong: "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply of them was really low. Economists are wrong!"

1) The statement confuses changes in the demand curve with changes in quantity demanded.

2) The statement confuses changes in the supply curve with changes in quantity supplied.

3) The statement is correct.

4) Economist is always right.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91563283

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