Advertisements
Advertisements
Question
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| A. Normal goods | (i) Goods the demand for which tends to fall with increase in income. |
| B. Inferior goods | (ii) Goods which cannot be used in place of one another. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (iv) Goods the demand for which rise with increase in income. |
Options
A. (iv), B. (i), C. (ii) D. (iii)
A. (iii), B. (ii) c. (iv), D. (i)
A (ii), B. (i), c. (iii), D. (iv)
A. (iv), B. (i), C. (iii), D. (ii)
Solution
A. (iv), B. (i), C. (iii), D. (ii)
Explanation:
| Column I | Column II |
| A. Normal goods | (iv) Goods the demand for which rise with increase in income. |
| B. Inferior goods | (i) Goods the demand for which tends to fall with increase in income. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (ii) Goods which cannot be used in place of one another. |
APPEARS IN
RELATED QUESTIONS
Give one example of a pair of complementary goods.
Which of the following is not a determinant of demand?
What kind of a commodity will have inverse relation between income and demand?
With an increase in income, the consumption of which good, the consumer reduces ______.
What do you mean by complementary goods?
Explain the impact on demand of complementary goods.
With the help of a suitable example explain the effect of a rise in price on the demand for complementary goods.
Explain any three determinants of market demand.
Give the meaning of Price demand.
What are Veblen goods?
