Ceteris paribus, a decrease in the supply of a product leads to an increase in the equilibrium price of the product and a decrease in the equilibrium quantity of the product.
A product can be defined as any physical object (tangible item) that is typically produced by a manufacturer so as to satisfy and meet the demands, needs or wants of every customer. Some examples of a product include the following:
Ceteris paribus can be defined as an assumption which isolates the relationship existing between two (2) variables such as price and product, especially by holding other influences on the relationship as a constant.
Ceteris paribus (all things being equal), a decrease in the supply of a product leads to an increase in the equilibrium price of the product and a decrease in the equilibrium quantity of the product.
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