Multiple Choice Questions on Increase in price of substitute goods leads to ........ for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

Increase in price of substitute goods leads to ........

Economics (CUET) Consumer Behaviour and Demand
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    Increase in price of substitute goods leads to:

     

    Expansion in demand
     

    Incorrect Answer

    Increase in demand

     

    Correct Answer

    Decrease in demand
     

    Incorrect Answer

    Contraction in demand
     

    Incorrect Answer
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    Explanation:

    Option (2) is correct.
    Explanation: As the price of substitute is increasing it leads to the increase in the demand and thus the rightward shift in the demand curve.

     

    By: Parvesh Mehta
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