ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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substitute goods
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complimentary goods
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consumer goods
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capital goods
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Detailed explanation-1: -A Complementary good is a product or service that adds value to another. In other words, they are two goods that the consumer uses together. For example, cereal and milk, or a DVD and a DVD player. On occasion, the complementary good is absolutely necessary, as is the case with petrol and a car.
Detailed explanation-2: -Difference between Substitute Goods and Complementary Goods Substitute goods may be used in lieu of one another to meet a certain need. Complementary Items, on the other hand, are goods that are eaten jointly to meet a certain need.
Detailed explanation-3: -Complementary goods are products that increase in value when the demand for relative products increases. For example, if the demand for cell phones increases, the demand for cell phone chargers might also increase. Complementary products also rely on pricing.
Detailed explanation-4: -Compliments are two goods that are bought and used together; whereas, substitutes are goods used in place of another.