WAEC - Economics (2018 - No. 6)
if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?
substitutes
complements
inferior goods
bought goods
Explicaţie
Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for thesubstitute goods or substitute good (if there is just one other) is likely to increase or decline.Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for thesubstitute goods or substitute good (if there is just one other) is likely to increase or decline.