The demand for a good increases when the price of a substitute in consumption and also increases when the price of a complement in consumption .

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05-07-2022
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The demand for a good increases when the price of a substitute in consumption and also increases when the price of a complement in consumption .

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Tutorconsortium33idn Tutorconsortium33idn · Answer 1 · 2022-07-18T00:22:24-04:00

The demand for a good increase when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.

What is demand and supply?

Supply and demand is an economic theory that describes how prices are set in a market in microeconomics.
In a competitive market, it is hypothesized that all else being equal, the unit price for a specific good or other traded good, such as labor or liquid financial assets, will fluctuate until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
It is the theoretical cornerstone of contemporary economics.

Therefore, the demand for a good increases when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.

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What is demand and supply?

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