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(Solved): An increase in the price of a product will reduce the amount of it purchased because: Select one: a ...




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An increase in the price of a product will reduce the amount of it purchased because: Select one: a. supply curves are upsloping. b. the higher price means that real incomes have risen. c. consumers substitute relatively high-priced for relatively low-priced products. d. consumers will substitute other products for the one whose price has risen.


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When the price of a product increases, it affects the demand for that product. There are a few reaso...
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