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Answer to Question #213347 in Microeconomics for Mubashir Ameenudee

Question #213347

How would a speculation that petrol price is going to be doubled in two days affect your demand for petrol today and why? Provide economic explanation


1
Expert's answer
2021-07-05T09:00:31-0400

 A speculation that petrol price is going to be doubled in two days will increase the demand for petrol.

This is because the consumers will demand more of the product now while it is still cheap.


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