ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Complements
|
|
|
Substitutes
|
|
|
Elastic Goods
|
|
|
Normal Goods
|
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: -A complementary good is a product or service that provides value to another product or service. In other words, they are two things that the customer utilises in conjunction with one another. Cereal and milk, for example, or a DVD and a DVD player.
Detailed explanation-3: -Compliments are two goods that are bought and used together; whereas, substitutes are goods used in place of another.
Detailed explanation-4: -Supplementary Goods or Complementary Goods are goods that are used together. E.g. shoes and socks, knife and cutting board, … Remember, complementary sounds like complete, so in a sense, the products will complete each other (it would make more sense if they go together).
Detailed explanation-5: -Complements are goods that are used jointly.