The price of Good A increases by 70%, causing the quantity consumed of Good B to increase by 50%. If everything else is held constant in the economy, we say with certainty that Good A and Good B are

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08-02-2022
Business

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The price of Good A increases by 70%, causing the quantity consumed of Good B to increase by 50%. If everything else is held constant in the economy, we say with certainty that Good A and Good B are

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-14T06:40:29-05:00

Good A and Good B are substitute goods.

What are substitute goods?

Substitute goods are goods that can be used in place of another good. These goods have similar features that enables them to be used in place of another good.

When the price of one good increases, the quantity demanded of that good declines. Consumers shift to the consumption of substitute goods. As a result, the quantity demanded of substitute goods increase.

To learn more about substitute goods, please check: https://brainly.com/question/5622363

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What are substitute goods?

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