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What is the difference between complementary and substitute goods, and can you provide one example of each type of good?
Complementary goods are products that are used together, where the demand for one good increases the demand for the other. An example of complementary goods is peanut butter and jelly.
Substitute goods are products that can be used in place of each other, where the demand for one good increases as the price of the other good increases. An example of substitute goods is Coke and Pepsi.
What else can I help you with?
What is the difference between a consumer and a producer substitute economics?
A consumer substitute refers to two goods that are alternative choices for a consumer for example Coke and Pepsi. A producer substitute refer to products that are alternative choices for producers and could have been produced using the same resources for example wheat and barley.
What is the difference between local market and national market explain with example?
what is the difference between local market and national market
What is an example of a complementary good and how does it relate to the concept of consumer demand and consumption patterns?
An example of a complementary good is coffee and cream. When the price of coffee decreases, the demand for cream may increase because people are more likely to buy cream to go with their coffee. This relationship between complementary goods affects consumer demand and consumption patterns by influencing how much of each good people buy together.
What is the definition of a complementary good and how does it relate to the concept of consumer demand and purchasing behavior?
A complementary good is a product or service that is typically used together with another product or service. For example, coffee and sugar are complementary goods because they are often consumed together. In terms of consumer demand and purchasing behavior, the demand for complementary goods is interdependent. When the price of one complementary good changes, it can affect the demand for the other. For example, if the price of coffee increases, consumers may buy less coffee and therefore also buy less sugar. This relationship between complementary goods can influence consumer purchasing decisions and behavior.
Can you define what a complementary good is and provide an example to illustrate its relationship with another product?
A complementary good is a product that is typically used together with another product. An example of this is peanut butter and jelly. Peanut butter and jelly are often consumed together, making them complementary goods.
What is the difference between a complementary angle and supplementary angle?
The sum of complementary angles is 90°. The sum of supplementary angles is 180°. EXAMPLE : 27° is the complementary angle to 63° and the supplementary angle to 153°.
What is the difference between a consumer and a producer substitute economics?
A consumer substitute refers to two goods that are alternative choices for a consumer for example Coke and Pepsi. A producer substitute refer to products that are alternative choices for producers and could have been produced using the same resources for example wheat and barley.
What is the difference between analogous colors and complimentary colors?
analogous colors are next to each other on the color wheel. complementary colors are across, or colors that are opposite. (for example, red and green.)
What is the difference between has and have and give an example?
the difference between has and have is that you use has in sentences with : ( she , he and it ) for example : she has a book . but you use have in sentences with : ( I , you , we and they ) for example : you have a book , I have a book .
Difference between eg and ie?
example given......in example
Where are complementary angles?
complementary angles are two angles that have a sum of 90*. example. 30* + 60* = 90* that would be a complementary.
What is an example of complementary?
Angles can be complementary. A 100 degree angle is a complementary angle to an 80 degree angle in geometry studies.
What is an example of a substitute good?
scapes substitute
What is an example of complementary and alternative medicine?
Prayer
What is an example of a complementary brand?
A good example could be tide and Whirlpool
What is a complementary number in algebra?
a complementary number is a number obtained by subtracting a number from its base. For example the complementary of 7 in numbers to base 10 is 3.
What is da difference between a complementary product and a supplementary product?
In products, they mean the same thing - two products working together. An example of this is a brand of mobile phone sleeves that matches a brand of mobile phones. A supplementary product is one that allows another to function, like refills for a ballpen. More commonly though, a supplementary product is a term used in economics for a good that does not substitute another good but for which the demand rises when the price of another good increases. When the price for gym membership rises, the demand for hometrainers increases, as an example.
