Why is this statement wrong: “Economists claim that when the price

| November 24, 2016

Question
Why is this statement 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!”

The statement confuses changes in the demand curve with changes in quantity demanded.
The statement confuses changes in the supply curve with changes in quantity supplied.
The statement is correct.
Economist are always right.

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