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Fill in the Blank with Appropriate Alternatives Given Below: When the Price of Petrol Goes Up, Demand of Cars Will ___________. - Economics

MCQ
Fill in the Blanks

Fill in the blank with appropriate alternatives given below:

When the price of petrol goes up, demand of cars will ___________.

Options

  • rise

  • fall 

  • not change

  • remain unchanged

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Solution

When the price of petrol goes up, demand of cars will fall.

Explanation:

Cars and petrol are complementary goods, i.e., goods that are demanded together. In such cases, a rise in the price of one leads to a fall in the demand for the other good. Thus, a rise in the price of petrol will lead to a fall in the demand for cars.

Concept: Demand
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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 3 Demand Analysis
Exercise | Q 1.3 | Page 24
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