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WAEC Economics 2018 Question 7

Question 7

Theory of Demand

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

  1. A.substitutes.
  2. B.complements.
  3. C.inferior goods.
  4. D.bought together.
Show the answer and explanation

Answer: A (substitutes.)

Explanation

Consumers switch to a substitute when one good becomes dearer.