What will be the reaction of consumers in a market if there is a fall...
ECONOMICS
WAEC 2021
What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?
- A. Price of commodity X will increase
- B. Demand for the substitute of commodity X will decrease
- C. Demand for commodity X will decrease
- D. Supply of both commodity X and its substitute will increase.
Correct Answer: C. Demand for commodity X will decrease
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