When economists say the supply of a product has decreased, theymean that

a. the supply curve has shifted to the left.

b. the product price has decreased, and as a consequence,suppliers are producing less of the product.

c. producers are now willing to sell more of this product ateach possible price.

d. the supply curve has shifted to the right.

If a major hurricane were to destroy the sugarcane crop inLouisiana, there would be

a. a decrease in the supply of sugarcane.

b. an increase in the supply of sugarcane.

c. a decrease in the demand for sugarcane.

d. an increase in the demand for sugarcane

If a surplus exists in a market we know that the actual priceis

a. above equilibrium price and quantity supplied is greater thanquantity demanded.

b. above equilibrium price and quantity demanded is greater thanquantity supplied.

c. below equilibrium price and quantity demanded is greater thanquantity supplied.

d. below equilibrium price and quantity supplied is greater thanquantity demanded.