What will be the reaction of consumers in a market if there is a fall...

Economics

WAEC 2025

What will be the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X?

A. Demand for the substitute of commodity X will decrease
B. Demand for commodity X will decrease
C. Supply of both commodity X and its substitute will increase
D. Price of commodity X will increase

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Correct Answer: Option B

Explanation

If there is a fall in the price of the substitute of commodity X, consumers will likely switch to the substitute because it's now
cheaper. This will cause the demand for commodity X to decrease.

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What will be the reaction of consumers in a market if there is a fall...

Correct Answer: Option B

Explanation

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