Imagine that the price of leather gloves was high because of high consumer demand for them.
Which statement accurately describes the economic choice that producers of leather gloves would then make?
Responses
Producers would keep the supply of leather gloves at the same level to maintain the high price.
Producers would keep the supply of leather gloves at the same level to maintain the high price.
Producers would decrease the price of leather gloves to increase consumer demand for them.
Producers would decrease the price of leather gloves to increase consumer demand for them.
Producers would decrease the supply of leather gloves to drive the price even higher.
Producers would decrease the supply of leather gloves to drive the price even higher.
Producers would increase the supply of leather gloves to meet demand and earn more money.