Answer:
The correct answers are:
there will be shortage of product (a)
consumers will be willing to pay higher prices (c)
producers will increase prices (c)
Explanation:
If demand exceeds supply as stated in this question, the first market property that will be triggered is scarcity, which refers to a shortage in the availablity of the product.
When the product is scarce, the consumers and producers can make relevant changes which include;
the price of the goods will be increased by the producer, since there are more consumers than product, there is a greater chance that the producer will find a consumer that will pay for the product even at the increased price.
on the other hand, due to high competition for the product among consumers, they can even suggest to offer a greater price for the product, to increase their chances of getting the product.
Moreover option b, where producers decrease price with increased demand does not hold true, as producers are most likely to reduce prices when demand falls, to increase their chance of selling off the product
