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If an increase in the price of beef causes a decrease in the sales of potatoes then q , beef and potatoes are substitute goods.
If an increase in the price of beef causes a decrease in the sales of potatoes then
beef and potatoes are substitute goods.
potatoes are considered to be an inferior good.
beef and potatoes are complement goods.
beef is a necessary good.
beef is considered to be a luxury good.
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Principles Of Econometrics
Authors: R Carter Hill, William E Griffiths
3rd Edition
0471723606, 9780471723608
