Which of the following statement(s) is/are correct?
A decrease in the price of a product will cause the demand for a complementary product to increase.
A change in the tastes and preferences of a certain product can cause the price to Increase.
An increase in the price of a product can cause the demand of a substitute product to decrease.
A decrease in the price of a product can lead to a decrease in the demand for a production factor used in the production of the product.
A decrease in income will cause the demand for a normal good to decrease.
The correct combination is;
Question 8Answer
a.
1, 2 and 5.
b.
1, 2, 4 and 5.
c.
1, 4 and 5.
d.
1, 3 and 5.
e.
1, 3, 4 and 5.