Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
“The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upward-sloping demand curve.” Identify the error.
Identify the error.
“The price of T-shirts keeps rising and rising and people keep buying more and more. T-shirts must have an upward-sloping demand curve.” This statement contains an error. It is explained with the help of a figure below.
Figure 1 shows the demand curve of the T-shirt:
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