If the price of a good rises, what impact will this have
on a cheaper substitute good?
Your Answer:
Substitute goods are any good that can be used instead of
another good to more or less take its place. Common sense and economic
principles assert that if the price of any good rises, the demand for a cheaper
substitute good also rises as people seek out alternatives that may be less
costly.
Source: Heyne, Boettke, and Prychitko, The Economic Way of
Thinking, 11/e, Pearson
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