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.
Positive check as envisaged by Thomas Malthus can be prevented if ...
Which of the following measures can lead to an increase in exports? ...
International trade is based on the law of ...
Which of the following will NOT be a barrier to international trade? ...