You have decided to study the market for fresh picked cherries. You learn that over the last
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You have decided to study the market for fresh picked cherries. You learn that over the last 10 years, cherry prices have risen, while the quantity of cherries purchased has also risen. This seems puzzling because you learned in microeconomics that an increase in price usually decreases the quantity demanded. What might explain this seemingly strange pattern of prices and consumption levels?
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One possible explanation for this pattern is that the demand for fresh picke...View the full answer
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