Difference between revisions of "Substitutes"
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Latest revision as of 22:07, 2 June 2020
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.
