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What is the answer to this question: Suppose that an increase in their income induces customers to purchase more oranges at any given price. Also
What is the answer to this question:
Suppose that an increase in their income induces customers to purchase more oranges at any given price. Also suppose that an abundant orange harvest results in a lower price, causing customers to purchase more oranges. These situations are characterized respectively by a:
a ) increase in quantity demanded- decrease in demand
b ) decrease in quantity demanded-increase in demand
c ) increase in demand- increase in quantity demanded
d ) decrease in demand- increase in quantity demanded
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