CBSE Class 12-commerce Answered
Good Y is a substitute of good X. The price of Y falls. Explain the chain of effects of this change in the market of X.
Asked by ss919101 | 24 Mar, 2019, 08:21: PM
Expert Answer
Substitute goods are those goods which can be used in place for one another and satisfy the same type of demand. In case of such goods increase in price of one causes an increase in demand for the other and decrease in price of one causes decrease in the demand for the other.
If price of good Y falls/decreases, this would decrease the demand for good X and increase the demand for good Y as the demand for a commodity is also influenced by the change in price of its related good or substitute good.
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