Question

Products whose demand rises when another product’s price increases are called


substitute goods.
complementary goods.
elastic goods.
clearance goods.

Answer 1

Answer:

They are called Substitute goods.

Answer 2

The products whose demands rise as described relative to another product are called; Substitute goods.

What are substitute goods?

From the knowledge of microeconomics, two goods are considered substitutes if the products could be used for the same purpose by the consumers. In essence, a consumer perceives both goods as somewhat comparable.

In such cases, having more of one good causes the consumer to desire less of the other good.

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