Question

what term is used to describe goods that can replace each other to some extent, so that a rise in the price of one good leads to a lower quantity consumed of another good, and vice versa? question 10 options: a) surplus b) normal goods c) inferior goods d) substitutes

Answer 1

Key Takeaways. A substitute is a product or service that can be easily replaced with another by consumers. In economics, products are often substitutes if the demand for one product increases when the price of the other goes up.

Step-by-step explanation: