History, 12.04.2020 23:17 tbair5417

What are substitute goods? Explain how a change in the price of a substitute good can act as a demand shifter.

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Answer from: ioifjifjie3054

The answer to this question is given below in the explanation section

Explanation:

This question is about the economics subject.

In this question, it is asked about what is substitute goods? Explain how changes in the price of a substitute good can act as a demand shifter.

Substitute goods:

A substitute good is a good that can be used in the place of another. In economics, substitute goods mean substitute goods or substitutes are goods that a consumer perceives as similar or comparable so that having more of one good causes the consumer to desire less of the other good.

For example, the cold drinks that can be used as a substitute good. If one is not available you prefer to buy others. In another example, Pepsi and Cola are substitute goods.

Changes in the price of substitute goods can act as demand shifters. Because, if you change the price of good A, people tend to buy the good B (A and B are the substitute goods), then demand of B gets increased.

So changing the price in substitute goods can act as demand shifter.

Answer from: help26852

For example, the cold drinks that can be used as a substitute good. If one is not available you prefer to buy others. In another example, Pepsi and Cola are substitute goods.

So changing the price in substitute goods can act as demand shifter

Answer from: Quest

the section of the chart that represents a point at which a bill needs approval from a majority of people in both chambers to advance is j, as this is the only section before the bill becomes law which has both rows (symbolizing the chambers) converging into one, meaning that the two parts of the congress have to approve of it before it can march on with the process.

Answer from: Quest

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explanation:

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What are substitute goods? Explain how a change in the price of a substitute good can act as a deman...

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