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Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will
- a)increase or decrease but the demand curve for chicken will not change
- b)increase and the demand curve for fish will shift rightwards.
- c)not change but there will be a movement along the demand curve for fish.
- d)decrease and the demand curve for fish will shift leftwards.
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Chicken and fish are substitutes. If the price of chicken increases, t...
Explanation:
Substitutes are goods that can be used in place of each other. Chicken and fish are substitutes in this case. When the price of chicken increases, people will tend to buy less chicken and more fish. This is because the price of chicken has become relatively higher than that of fish, making fish a more attractive option.
Option B is correct because when the demand for fish increases due to the increase in the price of chicken, the demand curve for fish will shift rightwards. This means that at each price level, the quantity demanded for fish will increase. The shift in the demand curve for fish is caused by a change in the price of chicken, which is a substitute for fish.
Option A is incorrect because the demand curve for chicken will change. The increase in the price of chicken will cause a decrease in the quantity demanded of chicken, which will result in a leftward shift in the demand curve for chicken.
Option C is incorrect because there will be a change in the demand for fish, which will result in a shift in the demand curve for fish.
Option D is incorrect because the decrease in demand for chicken will lead to an increase in demand for fish, which will result in a shift in the demand curve for fish to the right.
In conclusion, when the price of chicken increases, the demand for fish will increase, and the demand curve for fish will shift rightwards.
Substitutes are goods that can be used in place of each other. Chicken and fish are substitutes in this case. When the price of chicken increases, people will tend to buy less chicken and more fish. This is because the price of chicken has become relatively higher than that of fish, making fish a more attractive option.
Option B is correct because when the demand for fish increases due to the increase in the price of chicken, the demand curve for fish will shift rightwards. This means that at each price level, the quantity demanded for fish will increase. The shift in the demand curve for fish is caused by a change in the price of chicken, which is a substitute for fish.
Option A is incorrect because the demand curve for chicken will change. The increase in the price of chicken will cause a decrease in the quantity demanded of chicken, which will result in a leftward shift in the demand curve for chicken.
Option C is incorrect because there will be a change in the demand for fish, which will result in a shift in the demand curve for fish.
Option D is incorrect because the decrease in demand for chicken will lead to an increase in demand for fish, which will result in a shift in the demand curve for fish to the right.
In conclusion, when the price of chicken increases, the demand for fish will increase, and the demand curve for fish will shift rightwards.
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Chicken and fish are substitutes. If the price of chicken increases, t...
Your answer is option B "increase and the demand curve for fish will shift rightwards" because price of related goods and demand are directly related with each other
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Chicken and fish are substitutes. If the price of chicken increases, the demand for fish willa)increase or decrease but the demand curve for chicken will not changeb)increase and the demand curve for fish will shift rightwards.c)not change but there will be a movement along the demand curve for fish.d)decrease and the demand curve for fish will shift leftwards.Correct answer is option 'B'. Can you explain this answer?
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Chicken and fish are substitutes. If the price of chicken increases, the demand for fish willa)increase or decrease but the demand curve for chicken will not changeb)increase and the demand curve for fish will shift rightwards.c)not change but there will be a movement along the demand curve for fish.d)decrease and the demand curve for fish will shift leftwards.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Chicken and fish are substitutes. If the price of chicken increases, the demand for fish willa)increase or decrease but the demand curve for chicken will not changeb)increase and the demand curve for fish will shift rightwards.c)not change but there will be a movement along the demand curve for fish.d)decrease and the demand curve for fish will shift leftwards.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Chicken and fish are substitutes. If the price of chicken increases, the demand for fish willa)increase or decrease but the demand curve for chicken will not changeb)increase and the demand curve for fish will shift rightwards.c)not change but there will be a movement along the demand curve for fish.d)decrease and the demand curve for fish will shift leftwards.Correct answer is option 'B'. Can you explain this answer?.
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