Statement 1: ‘Usually there is a negative correlation between changes in consumers’ incomes and changes in the quantity demanded of a product.’
Statement 2: ‘Usually there is a positive correlation between changes in the price of a competitor’s product and changes in the quantity demanded of a product.’
Read statements 1 and 2 and select the correct option from the following options
1 )
Statement 1 is true. Statement 2 is true.
2 )
Statement 1 is true. Statement 2 is false.
Statement 1 is false. Statement 2 is true.
4 )
Statement 1 is false. Statement 2 is false.
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