Answers
Ans 1 C.) change in price of K.
Question is about change in demand for good K
so factors determining demand for product are:
1.change in price of close substitute.
2.increase in consumer income
3.change in consumer taste and prefrences
******* Change in price changes Quantity demanded not Demand*******
Ans 2 is correct
Ans 3 D By definition of inferior good, Inferior goods are those goods whose demand increases when income decreases.They are opposite of Normal goods. In general we deal with normal goods.
Ans 4 is correct
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