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4
M: +2.00/-0.67

Consider the following statements:

Other things remaining unchanged, market demand for a good might increase if

1. price of its substitute increases

2. price of its complement increases

3. the good is an inferior good and the income of the consumer's increases

4. its price falls

Which of the above statements are correct?

[UPSC IAS PRELIMS 2021]
A
B
C
D

EXPLANATION

Statement 4 is correct - Law of Demand-  when price of the commodity i...
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