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Theory Of Consumer Behaviour
Question
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What is meant by one good being substitute of other?

Answer

Good x is said to be substitute of good y if an increase in price of good y increases demand for good x.

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Some More Questions From Theory Of Consumer Behaviour Chapter

 Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

Give an example of a pair of commodities that are substitutes of each other.

Give an example of a pair of commodities such that one of them is complementary in consumption to the other.