Asked by
Olivia Munroe
on Oct 12, 2024
Verified
Chicken and pork are substitutes.Other things being equal,an increase in the price of chicken will
A) put downward pressure on the price of pork.
B) have no effect on the demand or pork.
C) increase the demand for pork.
D) decrease the demand for pork.
Substitutes
Goods or services that can be used in place of one another, where the consumption of one increases when the price of the other increases.
Pork
Refers to the meat derived from domestic pigs, used for culinary purposes.
- Understand the relationship between the alteration in prices of goods and their complements or substitutes and its effect on demand.
Verified Answer
MM
Learning Objectives
- Understand the relationship between the alteration in prices of goods and their complements or substitutes and its effect on demand.