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Question
______ refers to the effects of a change in price of commodity X on demand for commodity Y when quantity demanded.
Options
Income effect
Price Effect
Cross-price effect
None of these
MCQ
Fill in the Blanks
Solution
Cross-price effect refers to the effects of a change in price of commodity X on demand for commodity Y when quantity demanded.
Explanation:
When a change in the price of commodity X has an effect on demand for commodity Y, the term "cross-price effect" is used.
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