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As more sellers leave a market, what happens to the total supply in the market? What will this do to the price of the product?

Explain how the supply will decrease and how this will affect the price of the product.



Answer :

GinnyAnswer

Final answer:

A decrease in total supply occurs when sellers leave the market, resulting in a potential price increase due to limited product availability.


Explanation:

As more sellers leave a market, the total supply decreases. This reduction in supply can lead to a rise in the price of the product due to lower availability. Competition and the number of sellers play critical roles in shaping market dynamics.


Learn more about Supply and Price Dynamics here:

https://brainly.com/question/43824424


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