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Theory Of Consumer Behaviour

Question

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Differentiate between substitute and complementary goods.

Solution

Substitute goods are a pair of goods which can be used in place of each other to satisfy a given want (e.g. tea and coffee) whereas complementary goods are a pair of goods which are used jointly (together) to satisfy a given want (e.g. car and petrol).

Some More Questions From Theory Of Consumer Behaviour Chapter

Give meaning of demand.

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.

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