CBSE Class 12-commerce Answered
If the price of petrol increases and the price of car
remain constant, how would the consumer react to that situation?
Asked by Topperlearning User | 25 Apr, 2016, 10:33: AM
Expert Answer
When the petrol price increases, the consumer would tend to buy fewer cars, even when price of the car is constant. This is a situation of decrease in demand or back ward shift in demand.
Answered by | 25 Apr, 2016, 12:33: PM
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