If the price of product X falls and this change increases the demand for product Y, then

Name: If the price of product X falls and this change increases the demand for product Y, then
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If the price of product X falls and this change increases the demand for product Y, it means that X and Y are substitutes. This is because as the price of X falls, consumers switch from buying X to Y which leads to an increase in the demand for Y as it becomes a more attractive alternative to X.

If the Price of Product X Falls and This Change