Question : Products that have alternative uses are known as:
Option 1: Substitute goods
Option 2: Complementary goods
Option 3: Comfort goods
Option 4: None of these
Correct Answer: Substitute goods
Solution : Substitute goods are the goods that can be used in place of each other. A product or service that consumers perceive to be sufficiently similar to or the same as another is referred to as a substitute good. A product that can be used in lieu of another is known as a substitute.
Question : Coffee and tea are examples of ___ goods.
Question : If the cost of good "X" decreases, increasing the demand for product "Y," then both goods are:
Question : The products that directly satisfy human demands are referred to as:
Question : Comfort is defined as the difference between
Question : Goods which are of durable character which are used in the production process are called_______.
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