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ᴡʜᴀᴛ ᴀʀᴇ ᴛʜᴇ ᴅɪғғᴇʀᴇɴᴄᴇs ʙᴇᴛᴡᴇᴇɴ sᴜʙsᴛɪᴛᴜᴛᴇ ɢᴏᴏᴅs ᴀɴᴅ ᴄᴏᴍᴘʟᴇᴍᴇɴᴛᴀʀʏ ɢᴏᴏᴅs ?¿
Answers
Explanation:
Substitute goods (or simply substitutes) are products which all satisfy a common want and complementary goods (simply complements) are products which are consumed together. Demand for a product's substitutes increases and demand for its complements decreases if the product's price increases.
☆ Your Answer:–
⌐> sᴜʙsᴛɪᴛᴜᴛᴇ ɢᴏᴏᴅs:
ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤSubstitute goods are that goods which 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.
⌐> ᴄᴏᴍᴘʟᴇᴍᴇɴᴛᴀʀʏ ɢᴏᴏᴅs:
ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤComplementary good is a product or service that provides value to another product or service. In other words, they are two things that the customer utilises in conjunction with one another. Cereal and milk, for example, or a DVD and a DVD player.
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ᴅɪғғᴇʀᴇɴᴄíng:–
sᴜʙsᴛɪᴛᴜᴛᴇ ɢᴏᴏᴅs are a pair of goods which can be used in place of each other to satisfy a given want tea and coffee where as ᴄᴏᴍᴘʟᴇᴍᴇɴᴛᴀʀʏ ɢᴏᴏᴅs are a pair of goods which are used together to satisfy a given want Car and petrol.