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In 2013, In and Out charged $6.50 for a hamburger and sold 3,000,000 of them. In 2016, although In and Out raised the price to $8.00, sales of his burgers rose to 4,000,000. Use the concepts of a shift in the demand curve versus a movement along the demand curve to explain why this increase in sales does not represent a violation of the law of demand. Provide examples and details that explain this occurrence.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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