Question

Suppose there was a decrease in the price of good X and as a result, the demand for good Y increases.what will be the type of goods.

Answer 1

Answer:

substitution goods

If good x decrease in price and demand fall for that good x, and good y increases in demand that is to say consumers not longer derived satisfaction in consuming good x even when the price low. they rather prefer good y, that is to say good y give consumers satisfaction at that particular time.