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In January 2018, the price of petrol was $1.13 a litre. By September 2019, the price had increased to $1.55 a litre. Assume that there

In January 2018, the price of petrol was $1.13 a litre. By September 2019, the price had increased to $1.55 a litre. Assume that there were no changes in average income, population, or any other influence on buying plans. How would you expect the rise in the price of petrol to affect the demand for petrol and the quantity demanded for petrol? Explain your answer.

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