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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
What electronic goods do the japanese make?
eeverything, from toasters, to TV's, to electronic shavers and toothbrushes
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 the difference between substitute goods and complementary goods?
Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together.
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 the difference between complementary and substitute goods?
Complementary goods are products that are used together, while substitute goods are products that can be used in place of each other.
What are substitute goods and how do they impact consumer choices in the market?
Substitute goods are products that can be used in place of each other. When the price of one substitute good increases, consumers are more likely to choose the cheaper substitute. This impacts consumer choices by influencing their purchasing decisions based on price and availability of substitute goods in the market.
What are some substitute goods that consumers can consider when making purchasing decisions?
Substitute goods are products that can be used in place of each other. When making purchasing decisions, consumers can consider substitute goods as alternatives. For example, if the price of one brand of cereal increases, consumers may choose to buy a different brand as a substitute. Other examples of substitute goods include tea and coffee, butter and margarine, and Coke and Pepsi. By considering substitute goods, consumers can make informed choices based on their preferences and budget.
What are the example of complementary goods?
Toothbrush and toothpaste because customer would not buy only toothbrush or toothpaste because they go together.
Are substitute goods and complementary goods related in terms of their impact on consumer behavior and market dynamics?
Yes, substitute goods and complementary goods are related in terms of their impact on consumer behavior and market dynamics. Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together. Changes in the price or availability of substitute goods can influence consumer choices and market demand, while changes in complementary goods can also impact consumer behavior and market dynamics.
