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प्रश्न
If with the rise in price of good Y, demand for good X rises, the two goods are:
विकल्प
Substitutes
Complements
Not related
Jointly
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उत्तर
Substitutes
Explanation:
If the demand for good X rises with an increase in the price of good Y, it indicates that the two goods are substitutes. Substitute goods are those that can be used in place of each other. When the price of one good increases, consumers tend to buy more of the other good, which is now relatively cheaper. For example, if the price of tea (good Y) rises, the demand for coffee (good X) might increase as consumers switch to the cheaper alternative.
संबंधित प्रश्न
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The Law of Demand was introduced by ______.
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State with reason whether you agree or disagree with the following statement :
When price of Giffen goods fall, the demand for it increases.
State and explain the law of demand with the help of a hypothetical schedule and graph.
The following table shows the demand schedule for 3 consumers in a market.
| Price in (Rs) | Consumer 1 Demand in (kgs) | Consumer 2 Demand in (kgs) | Consumer 3 Demand in (kgs) | Market Demand |
| 10 | 1 | 2 | (i) ______ | 6 |
| 8 | 2 | (ii) ______ | 4 | 9 |
| 6 | 3 | 4 | 5 | 12 |
| 5 | 4 | 5 | 6 | (iii) ______ |
Based on the above hypothetical schedule answer the following questions.
- What is the demand of Consumer 3 priced at Rs 10 (i)
- What is the demand of Consumer 2 priced at Rs 8 (ii)
- Calculate the total market demand priced at Rs 4 (iii)
- From the above given table examine the relationship between price and demand.
- Mention any one exception to the law of demand.
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