When the supply of a product in an economy decreases and the demand for such product remains the same, it will most likely result in an increase in the price of such product. Therefore, the option A holds true.
What is the significance of supply?
The supply of a given product can be referred to or considered as the availability of quantity of such product in an economy. Supply of a product is heavily driven by the seller, and least affected by the consumer or buyer. There exists an indirect relationship between price and supply of a product.
Additionally, when the supply of a product is decreased without a given change in demand, it leads to a potential increase in the price of the product, because of the indirect relationship between price and supply of the product.
Therefore, the option A holds true regarding the significance of a supply.
Learn more about the significance of a supply here:
https://brainly.com/question/14741584
#SPJ5
