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If goods are perfect substitutes, a consumer will have no preference as to which one he or she will prefer and will make their decision on price alone. It is likely however that perfect substitutes would also all be sold for the same price.
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∙ 14y ago
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When consumers get more money they tend to substitute normal goods for what goods?
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
Examples of substitute goods and complementary goods under supply?
tea and coffe are substitute goods tooth brush and tooth paste are complementary goods
When consumers get more money they tend to substitute normal goods for goods?
inferior
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
When consumers get more money they tend to substitute what kind of goods for normal goods?
Consumers with more money are more likely to purchase luxury goods.
When consumers get more money they tend to substitute normal goods for what goods?
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
Examples of substitute goods and complementary goods under supply?
tea and coffe are substitute goods tooth brush and tooth paste are complementary goods
Is an example of substitute goods?
Substitute goods are goods that can serve as replacements for one another; when the price of one increases, demand for the other increases. One may substitute tea for coffee. A perfect substitute is an identical product. One may substitute a Ford for a Toyota.
When consumers get more money they tend to substitute normal goods for goods?
inferior
What is an example of substituted goods?
Substitute goods are goods that can serve as replacements for one another; when the price of one increases, demand for the other increases. One may substitute tea for coffee. A perfect substitute is an identical product. One may substitute a Ford for a Toyota.
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
A close-substitute is what?
A close substitute is a product or service you can purchase in place of another and still get the same satisfaction. There are many substitute goods available on the market.
Can you substitute canola oil for vegan margarine in baked goods?
Yes.You can also substitute margarine with nut butters.
What is substitute goods?
Good that can be used in place of another good.
What is the merits of elasticities of demand?
It helps the producer to know the type of goods to produce when goods of the same substitute exist.
When consumers get more money they tend to substitute what kind of goods for normal goods?
Consumers with more money are more likely to purchase luxury goods.
When consumers get more money they tend to substitute normal goods for what kind of goods?
Superior goods are those which experience increased consumption as incomes increase.
