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प्रश्न
With suitable examples differentiate between complementary goods and substitute goods.
उत्तर
Substitute goods are goods which can be used in place of one another for the satisfaction of a particular want. Demand for a commodity varies directly with the price of a substitute good, say coffee and tea.
Complementary goods are goods which are used together to satisfy a particular want. Demand for a commodity varies inversely with the price of a complementary good, say computer hardware and software.
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संबंधित प्रश्न
With help of an example explain the term complementary goods.
If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.
Identify the factor that affects market demand from the options below:
The wide gap between the rich and poor with reference to income highlights ______ determinant of the market demand.
What will be the effect on demand for tea, if the price of coffee falls?
What will be the effect on demand for cars, if petrol becomes expensive?
State 2 types of related goods.
Give two examples of substitute goods.
Define complementary goods.
Give two examples of complementary goods.
