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Assume you initially sold wrist watches at $75 per watch.At that price, consumers purchased 10 watches per week.You decide to drop the price to $50
Assume you initially sold wrist watches at $75 per watch.At that price, consumers purchased 10 watches per week.You decide to drop the price to $50 per watch.As a result, consumers purchase 35 watches per week.Is this an increase in demand?Explain why or why not.
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