Solution : (i) The two goods are complementary goods since a fall in price of X leads to a rise in demand of Y or there is negative relation between price of one good and the demand for another.<br> (ii) The two goods are substitute goods as a fall in price of X leads to a fall in demand for Y or there is a positive relationship between price of X and demand for Y, which is the property of substitute goods. Show
If with the rise in price of good Y, demand for good X rises, the two goods are: Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today!
Solution The correct option is BSubstitutesAs the price of a good increases, more people will opt for a substitute and the demand for substitute increases. Demand for compliments, meanwhile decrease.When the price of good X rises the demand for good Y falls explain what this relationship implies about the two goods?relationship implies about the two goods. Goods X and Y must be complements. When the price of good X rises, the quantity of good X demanded will fall. If the demand for Y also falls, the two goods must be used together.
When the price of good X rises the demand for good Y falls therefore good X and Y are said to be?If a fall in price of Good X leads to a rise in demand for Good Y, then X and Y are substitude goods. Solution : In case of substitude goods, fall in price of one good reduces the demand for another good. X and Y are complementary goods and not substitude goods.
What is the price of good X rises and the demand for good y decreases then the two goods are called?If price of good x rises and this leads to decrease in demand for good y, how are the two goods related? The two goods are complementary to each other.
What happens if the price of good X increases?Note that as the price of good X increases, the quantity demanded of good X decreases. This kind of behavior on the part of buyers is in accordance with the law of demand.
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When the price of a good X rises the demand of a related good Y falls how are good X and good Y related?
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