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Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the same period. It has been suggested to the King by a rival advisor that this proves that the laws of supply and demand are incapable of explaining events in the real world. Do you agree? Explain fully.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9292509

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