Asked by
Aleksandra Pachebut
on Dec 08, 2024
Verified
When the decrease in the price of one good causes the demand for another good to decrease, the goods are
A) normal.
B) inferior.
C) substitutes.
D) complements.
Substitutes
Goods or services that can be used in place of each other, satisfying the same needs or wants.
Complements
Goods or services that are often used together so that the consumption of one increases the demand for the other.
- Contrast standard goods, low-grade goods, and substitute offerings.
Verified Answer
AV
Learning Objectives
- Contrast standard goods, low-grade goods, and substitute offerings.