Question : With the rise in tea price, the demand for coffee:
Option 1: Fall
Option 2: Rises
Option 3: Constant
Option 4: None of the above
Answer (1)
23rd Jan, 2024
Correct Answer: Rises
Solution :
In the case of substitute goods, there is a direct relationship between the price of the goods and the demand for substitute goods.
Hence with the rise in tea price, the demand for coffee will rise.
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