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An increase in the price of a good is shown by


An increase in the price of a good is shown by

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Movement up and to the left along the demand curve


The demand curve indicates a negative relationship between the price of a good and the quantity demanded. The demand curve is usually downward sloping which indicates that as price increases, the demand decreases by a movement up and to the left. Movement up to the demand curve occurs when price increases, and movement to the left occurs as the quantity demanded decreases.

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Answered on June 23, 2020 10:50 am

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