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ou have decided to study the market for fresh-picked cherries. you learn that over the last 10 years, cherry prices have risen, while the quantity of cherries purchased has also risen. this seems puzzling because you learned in microeconomics that an increase in price usually decreases the quantity demanded. what might explain this seemingly strange pattern of prices and consumption levels?

Answer :

Seemingly bizarre price and consumption patterns: Possible reasons for cherry demand and price movements include: Cherries can be toxic in nature. Therefore, when prices rise, people will buy more cherries, fearing future price increases. Giffen products have a different price consumption pattern than regular products. As the price of Giffen goods rises, so does the demand.

Four consumption levels are used to segment each country's market: lowest, low, medium, and high. They are based on global income distribution data, which ranks the world's population based on per capita income.

Consumption is defined as the use of goods and services by households. This is part of the Gross Domestic Product (GDP) calculation. Macroeconomists typically use consumption as an indicator of the economy as a whole. Consumption is the activity by which an institutional unit consumes goods or services. Consumption can be either intermediate consumption or final consumption. The use of goods and services to meet individual or collective human needs and desires.

Learn more about consumption here: https://brainly.com/question/14786578

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