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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 25th April 2016, 10:33 AM
Answered by 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 Expert 25th April 2016, 12:33 PM
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