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Homework answers / question archive / An increase in the price of a product will reduce the amount of it purchased because: a

An increase in the price of a product will reduce the amount of it purchased because: a

Economics

An increase in the price of a product will reduce the amount of it purchased because:

a. Supply curves are upsloping,

b. The higher price means that real incomes have risen,

c. Consumers will substitute other products for the one whose price has risen,

d. Consumers substitute relatively high-priced for relatively low-priced products.

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