What are substitute goods, and how does a change in the price of one substitute good influence the demand for the other?
What will be an ideal response?
Substitute goods are goods that can be used in place of one another. If the price of one substitute good (good X) increases, then the demand of the other substitute good (good Y) increases, ceteris paribus.
Economics
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The process of changing a technology to fit local resources is
a. invention b. adaptation c. innovation d. technology transfer e. all of the above
Economics
If the annual return on a property is $30,000, and the interest rate is 20 percent, the present value is $6,000
Indicate whether the statement is true or false
Economics