When economists say the quantity supplied of a product has decreased, they mean the: a. price of the product has fallen, and consequently, suppliers are producing less of it. b. price of the product has risen, and consequently, suppliers are producing more of it. c. supply curve has shifted to the right. d. supply curve has shifted to the left.

When economists refer to a **decrease in the quantity supplied** of a product, they are specifically talking about a movement **along** the existing supply curve, typically in response to a change in the product's price. Here's a breakdown of the options: - **a. Price of the product has fallen, and consequently, suppliers are producing less of it.** This is correct. A decrease in the product's price leads to a movement **down** along the supply curve, resulting in a lower quantity supplied. - **b. Price of the product has risen, and consequently, suppliers are producing more of it.** This describes an **increase** in quantity supplied, not a decrease. - **c. Supply curve has shifted to the right.** A rightward shift in the supply curve indicates an **increase** in supply, not related to a change in quantity supplied. - **d. Supply curve has shifted to the left.** A leftward shift in the supply curve indicates a **decrease in supply**, which is different from a decrease in quantity supplied. **Answer:** **a. price of the product has fallen, and consequently, suppliers are producing less of it.**