If the price of commodity X rises and consumers - 537 - JAMB Economics 2024 Question
If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
A
inferior goods
B
substitutes
C
complements
D
bought together
Ask EduPadi AI for a Detailed Answer
Correct Option: B
When the price of a commodity increases and consumers switch to another commodity, the two commodities are substitutes. This is because consumers are replacing one with the other to satisfy their needs.
Please share this, thanks:
#JAMB #JAMB
Add your answer
No responses