Question #60596
what is the impact of changes in the price levels of similar goods
1
Expert's answer
2016-07-04T09:21:02-0400
Similar goods or substitute goods are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product. Formally, X and Y are substitutes if, when the price of X rises, the demand for Y rises.
So, if the price for one similar good rises, then the demand for another good rises and vice versa.

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