If the price of commodity X rises and consumers shift to ...
If the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?
Substitutes
Complements
Inferior goods
Bought goods
Correct answer is A
Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for the substitute goods or substitute good (if there is just one other) is likely to increase or decline. Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for the substitutes goods or substitute good (if there is just one other) is likely to increase or decline.
The term balance of trade, can be defined as the ...
When total utility is constant, it means marginal utility is ...
When a nation's exports are greater than its imports,________ ...
Inflation n the Nigeria economy may be fueled by increase in ...
In an open economy, the GNP is measured as ...
The different between birth rate and death rate is known as ...
Which of the following is NOT a feature of land? ...
In the long run, all production factors are___________ ...
A measure for preventing the external value of the naira from falling is for the government to ...