UPSC CAPC Result!💐💐

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Statement A (Price of its substitute increases): If the price of a substitute increases, the demand for the good in question is likely to increase because consumers will switch to the cheaper alternative. This statement is correct.

Statement B (Price of its complement increases): If the price of a complement increases, the demand for the good in question is likely to decrease because complements are used together. So, this statement is incorrect.

Statement C (The good is an inferior good and income of the consumers increases): For inferior goods, an increase in income leads to a decrease in demand as consumers will now prefer higher-quality goods. Thus, this statement is incorrect.

Statement D (Its price falls): A decrease in price typically leads to an increase in demand for the good, according to the law of demand. This statement is correct.

Hence, only A and D are correct!

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