+91-8076753736 support@wiredfaculty.com

Sponsor Area

Theory Of Consumer Behaviour

Question

Wired Faculty App

What is meant by one good being substitute of other?

Solution

Good x is said to be substitute of good y if an increase in price of good y increases demand for good x.

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

Mock Test Series

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation