If the price of pepsi increases and you buy coke instead while grocery shopping you are demonstrating that the two goods are?

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04-08-2022
Business

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If the price of pepsi increases and you buy coke instead while grocery shopping you are demonstrating that the two goods are?

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tutorconsortium343 tutorconsortium343 · Answer 1 · 2022-08-09T08:22:59-04:00

If the price of Pepsi increases and you buy coke instead while grocery shopping you are demonstrating that the two goods are- Close substitutes.

What is close substitute?

Close substitute goods are similar products that target the same customer groups and satisfy the same needs, but have slight differences in characteristics. Sellers of close substitute goods are therefore indirect competition with each other.

What are examples of substitutes in economics?

This means if the price of one product increases, the demand for the other increases. For example, coffee can be said to be a substitute for tea, and solar energy is a substitute for electricity. If the price of coffee goes up, the demand for tea goes up, too, and vice versa.

Learn more about close substitutes:

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