a-1, b-2, c-3, d-4
a-3, b-1, c-4, d-2
a-2, b-4, c-1, d-3
a-4, b-3, c-2, d-1
Answer is Right!
Answer is Wrong!
The correct answer is: A. a-1, b-2, c-3, d-4.
Here is a brief explanation of each option:
- a. Law of diminishing marginal utility is a principle of economics that states that as a consumer consumes more of a good or service, the marginal utility (the additional satisfaction or benefit) that they receive from consuming each additional unit of the good or service decreases.
- b. Relationship between price of one commodity and demand for other commodity is known as cross-demand. Cross-demand is the relationship between the demand for one good and the price of another good. For example, if the price of coffee increases, the demand for tea may increase, as people may switch to drinking tea instead of coffee.
- c. Skimming the cream policy is a pricing strategy in which a company charges a high price for a new product or service when it is first introduced to the market. The company then lowers the price over time as more and more people adopt the product or service.
- d. Price rigidity is a situation in which prices are slow to change, even in response to changes in supply or demand. Price rigidity can be caused by a number of factors, including government regulation, oligopolistic markets, and menu costs.
I hope this helps!