Consider the following statements : Other things remaining unchanged, market demand for a good might increase if 1. price of its substitute increases 2. price of its complement increases 3. the good is an inferior good and income of the consumers increases 4. its price falls Which of the above statements are correct?
a
1 and 4 only
b
2, 3 and 4
c
1, 3 and 4
d
1, 2 and 3
MicroeconomicsDemand and SupplyMarket demandSubstitute goodsComplementary goodsInferior goodsIncome effectPrice effect