Advertisements
Advertisements
Question
Define substitute goods.
Advertisements
Solution 1
Substitute goods are ones that can be used in place of the others.
Solution 2
Substitute goods are those goods which can be used in place of one another.
RELATED QUESTIONS
With help of an example explain the term complementary goods.
With suitable examples differentiate between complementary goods and substitute goods.
If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.
The wide gap between the rich and poor with reference to income highlights ______ determinant of the market demand.
What will be the effect on demand for tea, if the price of coffee falls?
What will be the effect on demand for cars, if petrol becomes expensive?
Explain any four factors which determine the market demand.
Give two examples of substitute goods.
Define complementary goods.
Give two examples of complementary goods.
