BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The answer to the given question is True. The substitute products can be found in the same industry because substitute products have very similar characteristics to a given product.

Detailed explanation-2: -A substitute is a product or service that can be easily replaced with another by consumers. In economics, products are often substitutes if the demand for one product increases when the price of the other goes up.

Detailed explanation-3: -A substitute product is any alternative, replacement or endorsement of goods on the market. In other words, it is a product or good that acts as a replacement or alternative to a more popular item without noticeably affecting the composition or appearance, or the usefulness of the resulting product.

Detailed explanation-4: -A substitute product is one that serves the same purpose as another product in the market. Getting more of one commodity allows a consumer to demand less of the other product. The demand for substitute products shows a negative correlation.

Detailed explanation-5: -When there is an increase (decrease) in the price of a related product leads to a rise (fall) in the quantity demanded of the main product, then the goods are said to be substitutes. So we can say that substitute goods have a direct relationship between them.