Consider the following statements :
(a) Effective demand in a market is the demand for a product or service which occurs when purchasers are constrained in a different market.
(b) Notional demand is the demand that occurs when purchasers are not constrained in any market.
Which of the above statements is/are correct ? Answer from the code below :
1
Only (a) is correct
2
Only (b) is correct
3
Both (a) and (b) are correct
4
Neither (a) nor (b) is correct