Asked by
Kelsea Villalpando
on Nov 04, 2024Verified
Demand for one item goes down when the price of another item goes up. These items must be
A) substitutes.
B) complements.
C) normal goods.
D) inferior goods.
Normal Goods
Goods for which demand increases as the income of the consumer increases, and vice versa.
Substitutes
Products or services that can be used in place of each other, having the ability to satisfy similar consumer needs or preferences.
- Segregate between regular goods, flawed goods, and comparable substitutes.
Verified Answer
JM
Learning Objectives
- Segregate between regular goods, flawed goods, and comparable substitutes.