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Despite a higher price for widgets, buyers are purchasing more units. How is this possible if the law of demand has not been violated? Give and explain two distinct reasons.

Despite a higher price for widgets, buyers are purchasing more units. How is this possible if the law of demand has not been violated? Give and explain two distinct reasons.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Despite a higher price for widgets, buyers are purchasing more units. How is this possible if the law of demand has not been violated? Give and explain two distinct reasons.
Despite a higher price for widgets, buyers are purchasing more units. How is this possible if the law of demand has not been violated? Give and explain two distinct reasons.
Transcribed Image Text:Despite a higher price for widgets, buyers are purchasing more units. How is this possible if the law of demand has not been violated? Give and explain two distinct reasons.
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