Asked by
Jordan Kelly
on Dec 11, 2024
Verified
The price of chicken increases as the result of higher beef prices. This indicates that
A) chicken and beef are substitutes.
B) chicken and beef are complements.
C) the market demand for beef is inelastic.
D) the market demand for chicken is elastic.
Substitutes
Alternative products or services that can fulfill the same need or function as another in the eyes of consumers.
- Evaluate how demand is affected by the presence of complementary and substitute goods.
Verified Answer
JD
Learning Objectives
- Evaluate how demand is affected by the presence of complementary and substitute goods.