Demand for diesel cars, electric cars and public transport rises because they act as cheaper substitutes. Conversely, demand for petrol car accessories falls because accessories and petrol cars are complementary products used together.
If petrol prices double, what happens to a) Demand for diesel cars b) Demand for electric cars c) Demand for car accessories d) Demand for public transport
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Demand for diesel cars and electric cars increases because consumers seek cheaper substitute options to avoid high running expenses. Demand for car accessories tied to petrol vehicles decreases because they are complementary goods used alongside cars. Meanwhile, demand for public transport rises significantly as commuters switch to more affordable substitute travel methods to manage escalating daily travel budgets.
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