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Assume a friend tells you that her Economics instructor made two seemingly contradictory statements to the class. The statements were 1. "The quantity demanded of a good varies inversely with its price" and 2. "A rise in demand will lead to a rise in price, all other things being equal." Knowing that this instructor could never make an error, how do you explain that both statements are correct?

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Macroeconomics, Economics

Category:- Macroeconomics
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