ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Items that people tend to buy more of when their incomes increase. This is true of most goods and services.
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Items that people purchase more of when their incomes decrease. These items tend to be low-cost options for saving money.
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Items that may replace each other when used or consumed.
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Items that are almost always consumed or used together.
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Detailed explanation-1: -Substitute goods are identical, similar, or comparable to another product, in the eyes of the consumer. Substitute goods can either fully or partly satisfy the same needs of the customers. Therefore, they can replace one another, so the consumer believes. Pepsi-Cola is a substitute good for Coca-Cola, and vice-versa.
Detailed explanation-2: -A substitute, or substitutable good, in economics and consumer theory refers to a product or service that consumers see as essentially the same or similar-enough to another product.
Detailed explanation-3: -Juice and cold drink are substituted goods, as one could be substituted for the other.
Detailed explanation-4: -Those goods that can be consumed in place of other goods are called substitute goods. Example: Tea and coffee are goods that can be substitutes for each other. If the price of tea increases then the demand for tea will decrease and people will substitute coffee for tea which will increase the demand for coffee.
Detailed explanation-5: -Butter and margarine. Physical books and e-books. Sandals and flip-flops. Tuna and salmon. Steel-toe boots and composite-toe boots. Minivans and sport utility vehicles. Earrings and necklaces. Eyeglasses and contact lenses. More items •03-Feb-2023