Intro to Microeconomics Help pleasse!?
The question is: In late october, the price of pumpkins rises, and the quantity of pumpkins sold also rises. Is this a violation of the law of demand? Why or why not??
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No this is not a violation of the law of demand. Demand definately increases (Fall, Halloween, etc) which causes an increase in the price. However, at that time the quantity is also on the rise. Equilibrium will kick in to clear the market. The ‘p’ will change in order to clear the ‘q’.
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