InterviewSolution
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InterviewSolution
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What is the relation between good X and Y in each case. If with the fall in price of X demand for good Y (i) rises and (ii) falls? Give reason.s |
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Answer» (i) Good X and Y are complements since there existts a negative relation between price of one good and the demand for another. (ii) Good X and Y are substitutes as there is a positive relationship between price of X and demand for Y. |
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