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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 ______.
पर्याय
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
Which of the following is not a determinant of demand?
If due to fall in the price of good X, demand for Y rises, the two goods are ______.
What kind of a commodity will have inverse relation between income and demand?
Mobile phones and SIM cards are examples of ______.
Assertion (A): The statement 'A consumer buys 2 litres of milk everyday at a price of ₹50 per litre of milk' is demand statement.
Reason (R): The demand for a commodity is always expressed with references to price and time.
What do you mean by substitute goods?
What do you mean by a normal good?
Give the meaning of Income demand.
Give the meaning of Cross demand.
Give an example of Giffen goods.
