Seemingly strange pattern of prices and consumption levels

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You have decided to study the market of 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, according to the simple demand and supply model, when prices increase the quantity demanded usually decreases. What might explain this seemingly strange pattern of prices and consumption levels?

Reference no: EM13886518

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