Ask Question
26 March, 21:27

In a free enterprise economy, prices are determined by supply and demand. How is the price of an item affected if the supply goes down?

A.

The price of the item will go down.

B.

The price of the item will go up.

C.

The price of the item will stay the same.

D.

The price will go down, but then it will go up.

Reset

+5
Answers (2)
  1. 26 March, 22:25
    0
    B. the price will go up since the supply went down.
  2. 27 March, 01:16
    0
    B.

    The price of the item will go up.

    Explanation:

    This happens because the more demand for a product, the more price rises. Such as if there are only a few models of a product, they will sell for more.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In a free enterprise economy, prices are determined by supply and demand. How is the price of an item affected if the supply goes down? A. ...” in 📘 History if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers