Suppose that good X is a substitute for good Y. Then an increase in the price of good Y leads to Multiple Choice a decrease in the demand of good X. an increase in the demand of good X. an increase in the supply of good X. a decrease in the supply of good X.

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04-02-2022
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Suppose that good X is a substitute for good Y. Then an increase in the price of good Y leads to Multiple Choice a decrease in the demand of good X. an increase in the demand of good X. an increase in the supply of good X. a decrease in the supply of good X.

Sagot :

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akposevictor akposevictor · Answer 1 · 2022-02-07T05:24:56-05:00

If X and Y are substitute goods, an increase in the price of good Y leads to: B. an increase in the demand of good X.

What are Substitute Goods?

Substitute goods are goods can be any two or more products that can be used by consumers to fulfil the same purpose or need.

Generally, when the price of one of the substitutes increases, consumers will go its close substitutes as an alternative.

Therefore, if X and Y are substitute goods, an increase in the price of good Y leads to: B. an increase in the demand of good X.

Learn more about substitute goods on:

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Suppose that good X is a substitute for good Y. Then an increase in the price of good Y leads to Multiple Choice a decrease in the demand of good X. an increase in the demand of good X. an increase in the supply of good X. a decrease in the supply of good X.

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What are Substitute Goods?

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