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if the price of commodity X rises and consumers shift to commodity Y, then commodity...

Economics
WAEC 2018

if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

  • A. substitutes
  • B. complements
  • C. inferior goods
  • D. bought goods
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Correct Answer: Option A
Explanation

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.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995