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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
What is meant by the contraction in demand?
What is meant by an increase in demand?
With the help of a graph explain the increase in demand concept.
When the demand curve of a product shifts to the right, it represents a situation of ______.
What is an expansion of demand?
Define decrease in demand.
What is meant by an increase in demand?
Define contraction of demand (or decrease in quantity demanded).
What causes a downward movement along a demand curve?
The following table shows a change in the demand. Read the table carefully and answer the question that follows:
| Case I | Case II | ||
| Price (₹) | Quantity | Price (₹) | Quantity |
| 10 | 20 | 10 | 20 |
| 10 | 10 | 5 | 20 |
What type of change is it, decrease in demand or contraction in demand? Give a reason.
