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Economics A Level

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Question:

What is a Substitute Good? [Competitive Demand]

Author: go kys



Answer:

-An Alternative Good to Each other. For Example, Meat and Lamb or Xbox and PS4 are Substitute Goods as they are both Alternatives to each other -If Price of Xbox Fell, then Xbox will be Demanded More, and Consumers from PlayStation may be Swayed over [Rationality] therefore leading to a Decrease in Demand for PS4.


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go kys
go kys