explain about substitute goods?
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Substitute goods are two alternative goods that could be used for the same purpose. ... If the price of one good increases, then demand for the substitute is likely to rise. Therefore, substitutes have a positive cross elasticity of demand.
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Substitute goods are two alternative goods that could be used for the same purpose. ... If the price of one good increases, then demand for the substitute is likely to rise. Therefore, substitutes have a positive cross elasticity of demand.
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