Asked by
Evgeny Vinnik
on Nov 03, 2024
Verified
Two goods are substitute goods if an increase in the price of one causes a fall in demand for the other.
Substitute Goods
Products or services that can serve as replacements for each other, satisfying similar customer needs or desires.
- Identify the principle of substitute and complementary products and the impact of price fluctuations on the demand for these items.
Verified Answer
JB
Learning Objectives
- Identify the principle of substitute and complementary products and the impact of price fluctuations on the demand for these items.