Difference between revisions of "Substitute goods"

Revision as of 21:23, April 15, 2008

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-'''Substitute goods''' are commodities that are similar enough that an increase in one price of one good (e.g., chewing gum) causes consumers to buy a similar, less expensive good (e.g., a candy bar).  Other examples of substitute goods are turkey and chicken, broccoli and spinach, and blueberries and raspberries.
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-The opposite of substitute goods are [[complementary goods]].
-[[Category:Free market economics]]