What term is used to describe goods that can replace each other to some extent, so that a rise in the price of one good leads to a higher quantity consumed of the other good, and vice versa? Complementary goods Normal goods Inferior goods Substitutes
What term is used to describe goods that can replace each other to some extent, so that a rise in the price of one good leads to a higher quantity consumed of the other good, and vice versa? Complementary goods Normal goods Inferior goods Substitutes
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 10QP
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Question
What term is used to describe goods that can replace each other to some extent, so that a rise in the
Complementary goods
Normal goods
Inferior goods
Substitutes
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