Substitutes
Revision as of 22:07, 2 June 2020 by Kevmwangi (talk | contribs) (Created page with "Substitutes are goods that can replace each other to some extent, so that a rise in the price of one good leads to a lower quantity consumed of another good, and vice vers...")
Substitutes are goods that can replace each other to some extent, so that a rise in the price of one good leads to a lower quantity consumed of another good, and vice versa.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Substitutes. Goods that can replace each other to some extent, so that a rise in the price of one good leads to a lower quantity consumed of another good, and vice versa.
