If the Quantity of Gidgets Demanded Increases When the Price

question 64

Multiple Choice

If the quantity of gidgets demanded increases when the price of gadgets decreases

• A)gidgets and gadgets are substitutes.
• B)gidgets and gadgets are complements.
• C)gidgets are normal goods,while gadgets are inferior goods.
• D)gadgets are normal goods,while gidgets are inferior goods.

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Definitions:

Motor Transport

Concerns the use of motor vehicles for transporting goods and passengers over land.

Pull Strategy

A marketing strategy that aims to create demand at the consumer level, encouraging the product to be "pulled" through the distribution channels.

Hybrid Strategy

A competitive approach that combines elements of both cost leadership and differentiation strategies to serve customers.

Purchase Order

A legal obligation to buy from a supplier a certain amount of product, at a certain price, to be delivered at a specified date.