Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Market Equilibrium

Question:
If wheat and rice are substitute goods in a region and price of wheat rises, what will be the impact on the price of rice?
Options:
It will rise
It will fall
It will remain unaffected
None of these
Correct Answer:
It will rise
Explanation:
Rise in wheat price will lead to Rightward shift in demand curve of rice.