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Answer to Question #70510 in Microeconomics for ritik
Question #70510
if we observed that more ice-cream is purchase this year than last year. we may conclude that demand has increased and therefore the the prices must have increased?explain
Expert's answer
No, according to the law of demand , if demand grows then the price for this product will fall. Consequently, if the demand for ice cream has increased this year, then the price for ice cream will decrease this year.
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