Explain with the help of diagrams, the effect of
following on demand curve and why.
(a) Rise in income of the buyer
(b) Fall in price of complementary good
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a.Economic buyer – n : marketing term, typically used in business-to-business markets; describes the individual, decision-maker or group within the customer organization who controls the budget and writes the checks for new product purchases.
b. When the price of a good that complements a good decreases, then the quantity demanded of one increases and the demand for the other increases. When the price of a substitute good decreases, the quantity demanded for that good increases, but the demand for the good that it is being substituted for decreases.
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