Question
Which of the following statements are correct? i) An increase in the price of a product will cause the demand curve of a substitute product
Which of the following statements are correct?
i) An increase in the price of a product will cause the demand curve of a substitute product to shift to the left.
ii) If a producer manufactures a unit elastic product, he/she cannot influence total revenue by changing the price.
iii) Frictional unemployment occurs when people are between jobs.
iv) The elasticity of products changes over time.
v) If products X and Y are complimentary an increase in X's price will lead to an increase in demand for Y
A. i,iii,v
B i,ii,iii,v
C i,iii
D ii, iv, v
E ii, iii, iv
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