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प्रश्न
The demand for a Good X increases when the price of its substitute ______ OR when the price of its complements ______.
विकल्प
rises: rise
rises: falls
falls: rises
falls: falls
उत्तर
The demand for a Good X increases when the price of its substitute rises OR when the price of its complements falls.
Explanation:
The demand for a good X increases when the price of its substitute rises (because consumers switch from the now more expensive substitute to good X), or when the price of its complement falls (because the lower price of the complement increases its demand, which in turn increases the demand for good X).
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संबंधित प्रश्न
State two factors affecting the market demand for a commodity.
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What do you mean by substitute goods?
Explain the impact on demand of complementary goods.
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Explain how quantity demanded for commodity X will be affected by Consumer credit facility.
What do you mean by a normal good?
Give the meaning of Income demand.
Given an example of Veblen goods.
