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2 cards from this section. Quick, good the night before a test.
What are substitute goods?
Think of goods that serve a similar purpose.
Give an example of complementary goods.
Consider items that are often used together.
What happens to the demand for tea if the price of coffee increases?
Think about consumer choices when prices rise.
True or False: Complementary goods have a demand that moves in the same direction as price changes.
Recall the definition of complementary goods.
Considering the market for shoes and socks, analyze how an increase in sock prices might affect shoe sales.
Think about how these items are used together.
Evaluate the impact of a promotional discount on tea prices on coffee sales.
Consider the behavior of price-sensitive consumers.
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