An increase in the price of a product will reduce the amount of it purchased because?
Tuesday, January 31, 2023
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Question: An increase in the price of a product will reduce the amount of it purchased because?
The increase in price of a product generally reduces the amount of it purchased because it reduces the overall demand for it. This occurs as buyers are usually more likely to buy a product if it is available at a lower price. An increase in price means buyers will have to pay more, so they become less likely to buy the product. This leads to a reduction in the total amount purchased.
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