Advertisements
Advertisements
Questions
What do you mean by substitute goods?
Define substitute goods.
Solution
Substitute goods are those goods which can be used in place of one another.
RELATED QUESTIONS
Explain any three factors that affect the demand for a commodity.
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.
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. |
Explain the impact on demand of complementary goods.
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
Give the meaning of Cross demand.
Define complementary goods.
Give an example of inferior goods.
Tea and coffee are examples of ______.
Milk can be put to several uses; therefore, it is called as a ______ good.
