When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be
Question 1 Report
When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be
Answer Details
Competitive demand refers to a situation where two or more goods are seen as substitutes for each other. When the pric of one commodity increases, consumers tend to shift their demand towards the substitute commodity, resulting in a decrease in the demand for the original commodity.
For example, if the price of coffee increases significantly, some consumers may choose to switch to tea as a substitute. A: a result, the demand for coffee decreases while the demand for tea increases.
For example, if the price of coffee increases significantly, some consumers may choose to switch to tea as a substitute. A: a result, the demand for coffee decreases while the demand for tea increases.
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