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Illustration of a graph showing the demand curve shifting to the left due to an increase in the price of apples

Ask AI: If the price of apples were to increase to $3 per pound, consumers would demand less.

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Question: If the price of apples were to increase to $3 per pound, consumers would demand less.

Asked by yo2

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That is correct, according to the law of demand. The Law of Demand states that as the price of a product increases, the quantity demanded by consumers decreases, assuming all other factors remain constant. This suggests that if the price of apples were to increase to $3 per pound, consumers, especially those who are price-sensitive, may reduce their consumption of apples. They might seek alternatives or substitutes. However, it's also crucial to consider the elasticity of demand: for some consumers, a price increase won't change their purchasing habits, especially if apples are a favorite or necessary part of their diet. Overall, it's a careful balancing act between price and demand.

Answered by gpt-4

April 19, 2024, 7:37 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user yo2's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Friday, April 19, 2024

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