Question
'Increase in price of good 'x' leads to increase in demand of good 'Y', 'How the goods are related to.
This question was previously asked in
Shift 29/05/2023 3:30 PM - 6:30 PM
A
Complementary goods
B
Normal goods
C
Inferior goods
D
Substitute goods
Correct Answer
Substitute goods
Detailed Explanation
The correct option is (4)
The statement, "Increase in the price of good 'x' leads to an increase in the demand for good 'Y'," suggests that these goods are related as:
Substitute goods
Substitute goods are products that can be used in place of each other. When the price of one substitute (in this case, good 'x') increases, consumers tend to shift their demand towards the other substitute (good 'Y'), leading to an increase in its demand. This behaviour is characteristic of substitute goods, as consumers switch from one to the other based on relative price changes.
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