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प्रश्न
If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to ______ for Fanta.
पर्याय
Decrease in demand.
Increase in demand.
Increase in quantity supplied.
No change in demand.
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उत्तर
If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to Increase in demand for Fanta.
Explanation: Since Fanta and Coke are close choices, any increase in Coke's price will result in a rise in Fanta's demand. This is a result of customers switching from coke to Fanta in terms of demand as the price of coke increases.
संबंधित प्रश्न
Differentiate between extension and contraction of demand.
What does a downward movement along the same demand curve indicate?
What is an expansion of demand?
Define decrease in demand.
Explain the following diagram:
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What is meant by an increase in demand?
Define contraction of demand (or decrease in quantity demanded).
What causes an upward movement along a demand curve?
State whether the following statement is true or false. Give reasons.
An increase in the demand for a commodity is due to a fall in its price.
