Economics · Consumer Behaviour and Demand
Match List I with List II. List I (Concept)List II (Explanation)A. Income EffectI. Change in demand due to change in price of related goodsB. Substitution EffectII. Change due to relative price changeC. Cross DemandIII. Change due to change in incomeD. Derived DemandIV. Demand for factors of production
- 1A–III, B–I, C–II, D–IV
- 2A–I, B–II, C–III, D–IV
- 3A–II, B–III, C–IV, D–I
- 4A–III, B–II, C–I, D–IV✓
Correct answer
A–III, B–II, C–I, D–IV
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