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प्रश्न
If with the rise in price of good Y, demand for good X rises, the two goods are:
पर्याय
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.
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संबंधित प्रश्न
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
The Law of Demand was introduced by ______.
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
In case of relatively more elastic demand, the shape of the curve is
Distinguish between extension and contraction of demand.
Write a statement of the Law of Demand.
If a good is inferior good, then purchases of that good will decrease when ______.
Pick the option which does not belong to the group:
Identify the correct statement from the following alternatives:
According to the Law of Demand, what happens when the price of a commodity decreases, assuming no other factors change?
