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Virtually all demand theory is based on the view that, so long as other factors remain unchanged, rational consumers will be prepared to buy more when price falls and less when it rises. A price fall gives consumers greater real income and also makes substitute goods less attractive. It also increases consumer surplus.
Some economists, however, argue that consumers do not always act rationally, and that there may be circumstances when they would be prepared to buy more of a particular product at higher prices.
Nevertheless, in practice, there seems to be very little evidence to support the existence of an upward sloping demand curve. Many of the examples quoted can often be better explained by shifts of the demand curve brought about by non-price factors.
queen babito answered the question on July 9, 2018 at 06:05
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