If the price of product L increases, then how will the demand curve for the close-substitute product J shift? If X is a normal good, will an increase in money income shift the supply or demand curve and in which direction?

demand curve for product J would shift rightwards or outwards

If X is a normal good, an increase in income would shift the demand curve rightwards or outwards

Explanation:

Substitute goods are goods that can be used in place of another good.

If the price of product L increases, the quantity demanded of product L declines. this is line with the law of demand

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

Consumers would then shift to the consumption of the close substitute. As a result, there would be an increase in the demand for product J. This would lead to a rightward or outward shift of the demand curve for product J

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

Since X is a normal good, when income increases, the demand for good X increases. this would shift the demand curve outward

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