Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.
Sagot :
If a shift in the price of mayonnaise results in a rise in the consumption of miracle whip, then the demand curve for miracle whip will shift forward.
Mayonnaise and miracle whip both are the substitutes of each other.
When the price of a substitute good increases, the quantity demanded for that good decreases, but the demand for the good that it is being substituted for increases. As in the case with the rise in the price of mayonnaise the consumption of the miracle whip risen.
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good.
To know more about substitute goods here:
https://brainly.com/question/13891240
#SPJ4
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.