The goods which can be used in place of each other are called ? Option 1: Normal goods Option 2: Complementary goods Option 3: Substitute goods Option 4: Giffen goods

The answer is 'Substitute goods'. View full solution:

CUET Economics - The goods which can be used in place of each other are called ? | PYQs + Solutions

CUET Economics

Micro

Easy

Normal goods

Complementary goods

Substitute goods

Giffen goods

✅ Correct Option: 3

Related questions:

22 May Shift 1

Which of the following factor makes the demand curve to shifts leftward for a normal goods?

27 May Shift 2

Which of the following statements are correct:

(A) Consumer's preferences are monotonic: If and only if between any two bundles, the consumer prefers the bundle which has more of at least one of the goods and no less of the other good as compared to the other bundle.

(B) The tendency for the MRS to fall with increase in quantity of goods is known as the Law of Diminishing Marginal Rate of Substitution.

(D) The budget set is the collection of all bundles that the consumer can buy with their income at the prevailing market prices.

Choose the correct answer from the options given below:

16 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Increase in price of goods X	(I) Increase in demand for normal goods.
(B) Increase in income of consumers	(II) Demand is price inelastic
(C) Good X is a necessary good	(III) Unit elasticity of demand.
(D) Demand curve of Good X is a rectangular hyperbola	(IV) Contraction in demand for good X

Choose the correct answer from the options given below:

CUET Economics PYQs

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