Question 13 of 52Indian Economy

Consider the following statements: Other things remaining unchanged, market demand for a good might increase if 1. price of its substitute increases 2. price of its complements increases 3. the good is an inferior good and income of the consumers increases 4. its price falls Which of the above statements are correct?

A1 and 4 only
B2, 3 and 4
C1, 3 and 4
D1 and 3 only

Correct Answer

The correct answer is hidden

Explanation

25 words hidden ... good’s own price falls, which is movement along the demand curve. If the price of complements rises, demand for the ... 29 words hidden