Question
EconomyEconomic Concepts and National IncomeCore Economic Concepts and SystemsMedium (editorial estimate)
Question details
- Type:
- Statement based
- Skill:
- Concept understanding
- Tags:
- market demand · Core Economic Concepts and Systems
Classification and difficulty are editorial labels. Explanations are awaiting review.
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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 complement 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?
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Question 4 · Core Economic Concepts and Systems · Economy · UPSC Prelims 2021 (GS)