What is meant by a product that is a “Close Substitute” for another product?A) The product is generally purchased in combination with the other productB) Another product that provides value similar to the product being observedC) Another product provides a completely different value to the consumerD) None of the above

Answered: What is meant by a product that is a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is meant by a product that is a “Close Substitute” for another product?
A) The product is generally purchased in combination with the other product
B) Another product that provides value similar to the product being observed
C) Another product provides a completely different value to the consumer
D) None of the above

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The products can be either substitutable or not substitutable. The substitute products mean that, individual can use one product to replace the other products.

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