Asked by Sondos Alansari on Jun 12, 2024
Verified
Good X and good Y are related.If the price of good X increases and the demand for good Y shifts left,these goods are:
A) complements.
B) substitutes.
C) inferior.
D) normal.
Complements
Goods or services that are used together, where the increase in the demand for one leads to an increase in the demand for the other.
Substitutes
Goods or services that can replace each other in usage, providing similar utility to the consumer.
Price Increases
A rise in the cost of goods or services, which can affect demand, supply, and the overall economy.
- Evaluate how adjustments in substitute and complement prices influence demand levels.
Verified Answer
Learning Objectives
- Evaluate how adjustments in substitute and complement prices influence demand levels.
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