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Distinguish between substitude goods and complementary goods of two example of each.

Posted by Jayprakash Paswan 6 years, 8 months ago

CBSE > Class 12 > Economics

1 answers

Sia ? 2 years, 8 months ago

Substitute goods and complementary goods can be differentiated below:

1. Substitute goods are the goods which can be used in place of each other to satisfy a want. Complementary goods are the goods which are to be used together to satisfy a want. For example- coffee and tea, Pepsi and coca cola, etc. For example- a car and petrol, ink and pen, etc

3. When the price of one good increases, then the demand for its substitute will increase.When the price of one good fall, then the demand for its complementary will increase.

4. When the price of one good decreases, then the demand for its substitute will decrease.When the price of one good rise, then the demand for its complementary will decrease.

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