Expand your horizons with the diverse and informative answers found on IDNLearn.com. Join our community to receive prompt and reliable responses to your questions from knowledgeable professionals.
Sagot :
If a shift in the price of mayonnaise results in a rise in the consumption of miracle whip, then the demand curve for miracle whip will shift forward.
Mayonnaise and miracle whip both are the substitutes of each other.
When the price of a substitute good increases, the quantity demanded for that good decreases, but the demand for the good that it is being substituted for increases. As in the case with the rise in the price of mayonnaise the consumption of the miracle whip risen.
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good.
To know more about substitute goods here:
https://brainly.com/question/13891240
#SPJ4
We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.
