Question:
When the price of a substitute of a commodity X falls, then the demand for X
When the price of a substitute of a commodity X falls, then the demand for X
Updated On: Oct 1, 2024
- Rises
- Falls
- Remains unchanged
- First rises and then falls
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The Correct Option is B
Solution and Explanation
The correct option is (B): Falls
When the price of a substitute for a commodity X falls, consumers are likely to buy more of the substitute instead of commodity X, leading to a decrease in the demand for X.
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