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The quantity demanded of Pepsi has decreased. The best explanation for this is that:
The price of Pepsi increased.
Pepsi consumers had an increase in income.
Pepsi's advertising is not as effective as in the past.
The price of Coca Cola has increased.
The inverse relationship between price of a commodity and its quantity demanded is explained by law of demand. The Law of Demand states that while other things remaining constant, the quantity of a good demanded increases with a fall in the price and diminishes when the price increases.
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