ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A good that requires another good to work
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A good that requires another good to work
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A good that is required to live
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A good that can be used in place of another
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Detailed explanation-1: -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. Put simply, a substitute is a good that can be used in place of another.
Detailed explanation-2: -Substitute goods: Substitute goods are those goods which can be used in place of each other to satisfy a given want.
Detailed explanation-3: -This means if the price of one product increases, the demand for the other increases. For example, coffee can be said to be a substitute for tea, and solar energy is a substitute for electricity. If the price of coffee goes up, the demand for tea goes up, too, and vice versa.
Detailed explanation-4: -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 •21-Jul-2021