A 10% increase in cigarette prices has been found to result in a 4% decrease of smokers.
What is the effect of price increase in the demand for cigarettes?
An increase in cigarette price will result in a decrease in the demand for cigarettes.
Since more money needs to be spent to but the same product, less consumers can be able to afford it.
Therefore, a 10% increase in cigarette prices has been found to result in a 4% decrease of smokers.
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