ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Printers and ink are complimentary items, based on the aforementioned reasoning. Without ink, a printer will not function. Ink, on the other hand, will be worthless without a printer. So, the correct answer is complements.

Detailed explanation-2: -Q. If the price of printers goes down, what happens in the market for ink cartridges? Supply increases.

Detailed explanation-3: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.

Detailed explanation-4: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.