What Is Substitute Good In Economics? What Is a Substitute? A substitute, or substitutable good, in economics and consumer theory refers to a product or service that consumers see as essentially the same or similar-enough to another product. Put simply, a substitute is a good that can be used in place of another. What is
A Good Is Normal If Which Of The Following Is True? A good is normal if which of the following is true? When income increases, the demand remains unchanged. What do you mean by a normal good? A normal good is a good that experiences an increase in its demand due to a rise in
What Does Income Elasticity Mean? What does income elasticity mean? Income elasticity of demand describes the sensitivity to changes in consumer income relative to the amount of a good that consumers demand. Highly elastic goods will see their quantity demanded change rapidly with income changes, while inelastic goods will see the same quantity demanded even