2. Explain all the reasons why a decrease in the price of a product would lead...
2. Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases
Homework Answers
Since the law of demand stats that there is an opposite relationship between price and quantity demanded and other factors which affect the demand remains same.
Since with the decrease in the price of any good, the real income of the consumer increase, so consumer purchases more goods.
With the decrease in the price, those who were not using it also start purchasing it, so the demand for good start increasing.
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