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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Explain all the reasons why a decrease in a product's price would lead to an increase in purchases.

To determine

The decrease in the price of a product would lead to an increase in its purchase.

Explanation

The reasons why a decrease in the price of a product would lead to an increase in its purchase is:

  1. It has substitution effect: that is because the product is now cheaper compared to other things, the consumer tends to purchase more of this good. As he has to spend less money on the purchase of this good...

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