Question
describe a good or service that either a compliment or a substitute Example: Tea and coffee are substitutes. Both tea and coffee are caffeinated beverages
describe a good or service that either a compliment or a substitute
Example:Tea and coffee are substitutes. Both tea and coffee are caffeinated beverages that people consume when they want to feel more awake. If the price of tea was to increase significantly, the demand curve for coffee would shift to the right. That is, more people would want to buy coffee at each price as some consumers would switch from tea to coffee in response to the increase in price. The equilibrium price and quantity of coffee would both increase as a result of an increase in the price of tea.
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