Fill in the blanks with an appropriate suggestion for the following.

(i) If there is no trade-off involved when we get a good, then it is called a _______________ good.

(ii) If expected future price falls for a good, it's current demand _____________________ .

(iii) Pencil and erasers are a pair of ___________________goods for consumers

Expert Solution

i) Public good - Public goods are goods which have no trade-off since it is available to all and consumption by one individual does not exclude someone else from consuming it. No rivarly in nature.

ii) Decreases - If you expect future price to fall for a good then you'd like to consume less of it in the present and wait to buy more of it in the future when the price falls according to your expectation.

iii) Complementary goods - Pencils and erasers are complementary pair of goods in nature since the use of one inflicts the use of the other as well. If the demand for Pencils increases then demand for erasers should also increase since consumers buy them as a bundle mostly.

Rahul Sunny answered 2 years ago

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