If producers moved the price from P3 to p1 A) producers would encounter a shortage. B) buyers would likely purchase fewer widgets. C) producers would be less willing to make widgets. D) buyers would scramble to get all available widgets.

Question

Business

Pumpkin

4 August, 07:58

If producers moved the price from P3 to p1 A) producers would encounter a shortage. B) buyers would likely purchase fewer widgets. C) producers would be less willing to make widgets. D) buyers would scramble to get all available widgets.

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Answers (2)

Know the Answer?

Lewis · Answer 1

USA Test Prep says the answers B

Korbin Hunt · Answer 2

Answer: D) buyers would scramble to get all available widgets.

Explanation:

The law of demand states that more quantity is demanded at a lower price, therefore if producers move prices from P3 to P1 there would be an increase in quantity of widgets demanded. Buyers would scramble to get all available widgets wich will create a shortage in the market