Which of the following is true? a. Because personal tastes differ, substitutes f

Question

Which of the following is true?
a. Because personal tastes differ, substitutes for one person may not be substitutes for another person.
b. Two goods are substitutes if an increase in the price of one good causes an increase in the demand for
the other good.
c. Those goods for which rising income leads to decreased demand are called inferior goods.
d. Either an increase in the number of buyers or an increase in tastes or preferences for a good or service
will increase the market demand for a good or service.
e. All of the above are true.

Explanation / Answer

b. Two goods are substitutes if an increase in the price of one good causes an increase in the demand for the other good.

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