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victus00 [196]
3 years ago
15

If the price of pencils went from $2 a box to $10 a box, what will happen to the demand based on change in price?

History
2 answers:
tino4ka555 [31]3 years ago
7 0
The demand will go down
kvv77 [185]3 years ago
4 0

If the price of pencils went from $2 a box to $10 a box, the demand will go down.

According to the theory of supply and demand, the increase in the price of a product causes the demand for it to fall because it is no longer accessible to consumers. It goes from being a current product to a luxury product, due to the increase in its value. Therefore, only a segment of the population can afford the expense of acquiring them, causing the demand to decrease.

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