Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A 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
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
