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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 22nd April 2015, 6:41 AM
Answered by Expert

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 Expert 22nd April 2015, 8:41 AM
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