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 sector that employs the largest proportion of the active labour force in Nigeria is the ...
Demand for inferior goods is an example of ...
Insurance Companies are similar to commercial banks in that they ...
In the short-run, the monopoly makes______ ...
One advantage of International trade is that ...
Productivity per worker, is best measured by ...
Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the ...