ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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used in conjunction with another good.
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used instead of another good.
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of lower quality than another good.
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of higher quality than another good.
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Detailed explanation-1: -An object used in combination with another product or service is a complementary good or service. Usually, when consumed alone, the complementary good has little or no value. Still, when paired with another good or service, it adds value to the overall value of the bid.
Detailed explanation-2: -In set theory, complement refers to all the objects in one set that are not in another set. Complements are used in digital circuits, because it is faster to subtract by adding complements than by performing true subtraction. The binary complement of a number is created by reversing all bits and adding 1.
Detailed explanation-3: -A substitute good is a good that serves the same purpose as another good for consumers. A complementary good is a good that adds value to another good when they are consumed together.
Detailed explanation-4: -In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases.
Detailed explanation-5: -On the other hand, a complement is a good that is consumed along with another good. A complementary good can also be a good that adds value to another good when consumed together.