ICSE Class 10 Answered
If the price of petrol increases and the prices of cars remain
constant, how would the consumer react to this situation?
Asked by Topperlearning User | 22 Apr, 2015, 06:41: AM
Expert Answer
When petrol prices increase, the consumers would be less inclined to buy cars, even when the prices of cars are constant. This is a situation of a decrease in demand or a backward shift in demand.
Answered by | 22 Apr, 2015, 08:41: AM
ICSE 10 - Economics
Asked by tapaninvest | 29 Dec, 2022, 10:20: PM
ANSWERED BY EXPERT
