Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Our platform provides a seamless experience for finding precise answers from a network of experienced professionals. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
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
Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.