Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
100%
Transcribed Image Text:Price of complementary
good increases
Price of complementary
good decreases
Product becomes a
popular fad (change in
taste of buyers)
Expert Solution
Step 1
Demand for a commodity change due to various reasons like change in price of the commodity, price of the related good, income of the consumer, taste and preference of consumer, climate conditions etc.
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