The following demand and supply functions represent the market for physician off

Question

The following demand and supply functions represent the market for physician office visits The md and c subscripts denote medical doctor services and chiropractic services, respectively. The s and d superscripts denote supply and demand, respectively. 4Pe8Pm1.51 Which of the following statements is true? Chiropractic services are a complements to medical doctor services and medical doctor services are inferior goods Chiropractic services are a substitutes to medical doctor services and medical doctor services are inferior goods Chiropractic services are a complements to medical doctor services and medical doctor services are normal goods Chiropractic services are a substitutes to medical doctor services and medical doctor services are normal goods

Explanation / Answer

Option 3

Since both medical doctor service and Chirporactic services are related to medical profession while Chirporactic services is a specialised treatment of neuromuscular disorders both would complete each other. As the demand equation has negative price relationship, with the increase in price the demand decreases and it represents normal good

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