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प्रश्न
On the basis of above visual depiction, identify the correct statement from the following.
विकल्प
Fall in the price of one good - decreases the demand for the other good.
Rise in the price of one good - increases demand for the other good.
Rise in the price of one good - decreases the demand for the other good.
Rise in price of one does not affect the demand for the other.
MCQ
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उत्तर
Rise in the price of one good - increases demand for the other good.
Explanation:
The diagram illustrates how substitute goods behave when market conditions change. It explicitly shows that if the price of Coca-Cola rises, the demand for its direct substitute, Pepsi, goes up because consumers naturally switch to the relatively cheaper alternative.
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