People buy more of good 1 when the price of good 2 rises. These goods are. A. normal goods B. complements C. substitutes D. inferior good
Question
Solution 1
The answer is C. substitutes.
Here's why:
When the price of Good 2 rises, people switch to buying more of Good 1 because it's now relatively cheaper. This is a characteristic of substitute goods. Substitute goods are those that can be used in place of one another. When the price of one good rise Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
People buy more of good 1 when the price of good 2 rises. These goods are. A. normal goods B. complements C. substitutes D. inferior good
People buy more of good 1 when the price of good 2 rises. These goods are. A. normal goods B. complements C. substitutes D. inferior goods
Goods for which demand rises as income rises are ___. *1 pointA. complementary goodsB. inferior goodsC. normal goodsD. substitutes
If the price of good x rises and the quantity demanded of good y increases, then the two goods x and y must be.
If the price of X good rises then the demand of Y good also rises then both goodsare__