What will be the effect of an increase in the price of palm oil on the demand for soya oil? State the relationship between two products.
Question
Solution 1
The effect of an increase in the price of palm oil on the demand for soya oil can be explained using the concept of substitute goods in economics.
Step 1: Understanding Substitute Goods Substitute goods are goods that can be used in place of one another. In this case, palm oil and soya oil can bot Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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