An artist who markets her paintings on social media normally sells three paintings per month, for...

 

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An artist who markets her paintings on social media normally sells three paintings per month, for $100 each. When she decides to lower the price to $80 each, she sells 5 paintings per month. What economic theory describes this situation. An artist who markets her paintings on social media normally sells three paintings per month, for $100 each. When she decides to lower the price to $80 each, she sells 5 paintings per month. What economic theory describes this situation.