alleryStart learning →Home › Bihar Board Class 12 (Arts) › Economics › Forms of Market and Price Determination › Butter and margarine are an example of:
Butter and margarine are an example of:
AComplementary goods
BInferior products
CGiffen products
DClose substitutes
Answer & Solution
Correct answer: D. Close substitutes
A rise in the price of one shifts consumption to the other, which is the mark of close substitutes.
Related questions
Monopolistic competition produces what kind of products?Who published The Economics of Imperfect Competition in 1933?Oligopolists can earn abnormal profits in the long run mainly because of:Interdependent oligopolists are generally reluctant to:In a monopoly, the firm and the industry are:Economic profit in perfect competition attracts:Normal profit is counted as part of a firm's:A monopolist whose revenue exceeds its costs earns: