Question

Write the difference between substitute and complement

Answer 1

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Complements are goods that are consumed together. Substitutes are goods where you can consume one in place of the other. The prices of complementary or substitute goods also shift the demand curve.

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Answer 2

Answer:

Substitute goods: are those goods which can be used in place of another good and give same level of satisfaction. Example: newspaper and news channel

Complementary goods: are those goods which are useless in absence of another goods and which are demanded jointly. Example: car and petrol/diesel