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Question
Give two examples of substitute goods.
Solution
- Pepsi and Coca-Cola
- Tea and Coffee
RELATED QUESTIONS
Give one example of a pair of complementary goods.
If due to fall in the price of good X, demand for Y rises, the two goods are ______.
Mobile phones and SIM cards are examples of ______.
Assertion (A): The statement 'A consumer buys 2 litres of milk everyday at a price of ₹50 per litre of milk' is demand statement.
Reason (R): The demand for a commodity is always expressed with references to price and time.
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| A. Normal goods | (i) Goods the demand for which tends to fall with increase in income. |
| B. Inferior goods | (ii) Goods which cannot be used in place of one another. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (iv) Goods the demand for which rise with increase in income. |
Explain the impact on demand of complementary goods.
If price of X increases, then demand for Y too increases. What is the relationship between goods X and Y? Give an example.
What do you mean by a normal good?
Define complementary goods.
Give an example of Giffen goods.
