If good x and y are substitutes a rise in price of x will result in a rightward shift in demand curve of y .State giving reason whether the following statements are true or false.
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Explanation:
Substitute goods are those goods that can be used in place of each other.
As we are considering that Good X and Y are substitute. So, if the price of GoodX rises it will result in consumer switching to Good Y, thus increasing its demand of Y which will result in rightward shift in demand curve.
So it is true.
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Answer:
Substitute goods are those goods that can be used in place of each other. As we are considering that Good X and Y are substitute. So, if the price of GoodX rises it will result in consumer switching to Good Y, thus increasing its demand of Y which will result in rightward shift in demand curve. So it is true.
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