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 commodities X and Y are
Substitutes
Complements
Inferior goods
Bought together
Correct answer is A
Substitutes goods are goods that perform the same or similar function. Increase in the price of one results to increase in the quantity demand for the other. Example is lux and joy soaps, if the price of lux soap increases, then the demand for joy soap will increase since they have direct relationship.
The central banks control credit in the economy through the use of ...
In which of the following ways has inflation adversely affected your country’s economy? ...
Which of the following is likely to be inflationary? ...
Quantity Total cost 0 20 1 25 2...
The following are advantages of large scale agriculture except ...
Demand-pull inflation results when there is ...
The age distribution of a country's population determines the ...