Economics · Demand and Supply
If two goods are close substitutes, how does a price change in one affect the demand for the other?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A change in the price of one will have no effect on the demand for the other
- 2A decrease in the price of one will increase the demand for the other
- 3An increase in the price of one will increase the demand for the other✓
- 4An increase in the price of one will decrease the demand for the other
Correct answer
An increase in the price of one will increase the demand for the other
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