Answer :
Sellers will most likely react in this situation by increasing the prices.
This is the result of the phenomenon of law of supply and demand.
An economic theory called the law of supply and demand explains how supply and demand are related to one another and how this relationship impacts how much goods and services cost.
A basic tenet of economics is that when there is more supply than demand for an item or service, prices decline. Prices typically increase when demand outpaces supply.
Prices tend to decrease to a lower equilibrium price and a greater equilibrium quantity of goods and services if supply of goods and services increases while demand stays the same.
Prices tend to increase to a higher equilibrium price and a lesser quantity of goods and services when the supply of goods and services declines and demand stays the same.
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