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प्रश्न
Explain the effect of a rise in the prices of ‘related goods’ on the demand for a good X.
स्पष्ट करा
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उत्तर
The effect depends on the relationship between the goods. If a related good is a substitute for X, its price rise increases demand for X. If it is a complement to X, its price rise reduces demand for X. A change in the price of an unrelated good does not affect demand for X.
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