Advertisements
Advertisements
Question
Which of the following pairs of goods are most likely substitutes?
Options
Cucumber and salad dressing
Cola and lemon lime soda
Butter and gasoline
Compact discs and disc players
Solution
Cola and lemon lime soda
APPEARS IN
RELATED QUESTIONS
If due to fall in the price of good X, demand for Y rises, the two goods are ______.
With an increase in income, the consumption of which good, the consumer reduces ______.
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.
State two important determinants of demand.
Differentiate between Giffen goods and inferior goods.
Explain how quantity demanded for commodity X will be affected by An increase in the price of its substitute.
Give the meaning of Income demand.
Give an example of inferior goods.
Given an example of Veblen goods.
Detergent powder and detergent cake are examples of ______.