Supply will increase, and demand will decrease if the price of a popular perfume increase.
Supply is the quantity of goods and services, a supplier is willing to supply to the market at a particular price. Suppliers are willing to sell more quantity of a good when the price increases than when the price decreases to maximize their revenue and profits.
A supplier will be willing to supply more goods if there is an increase in price of such goods.
However, the opposite is the case for a buyer whereas a buyer would reduce the quantity of goods he or she purchase due to the increase in price.
Hence, supply will increase and demand will decrease if the price of a popular perfume increase.
Learn more about supply and demand here : https://brainly.com/question/24716726
