If good P and Q are jointly demanded, an increase in the ...
If good P and Q are jointly demanded, an increase in the price of P will likely
Leave the demand for Q constant but reduce the quantity demanded of P
Reduce the quantity of P but increase the Price of Q
Increase the quantity supplied of Q
Decrease the quantity demanded of Q
Correct answer is D
Joint demand is when you need two goods because they work together. If two goods are in joint demand they will have a high and negative cross elasticity of demand. This means a rise in the price of one will lead to a decrease in the demand for the other. Therefore option D is correct. An increase in the price of P, will lead to a decrease in the quantity demanded of Q.
If commodity X is a by-product of commodity Y, this implies that both commodities are ...
The theory of ............... was propounded by .................. ...
As consumption of beer increases, its marginal utility to a drinker will ...
The type of monopoly that develops as a result of granting patent right is known as ...
National income at factor cost means national income at ...
Increase in supply due to changes in plant size will take place only in the ...
Which of the following is NOT directly concerned with dealings in treasury bills ...
The production factor, whose entire world supply is fixed is ...