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What do you mean by substitutes? Give examples of two goods which are substitutes of each other.

Economics - Introductory Microeconomics

Chapter 2. Theory of Consumer Behaviour


Substitutes goods are those which have similar prices and technology .For example,like pen or ball,tea or coffee etc
In case of substitue goods ,the demand for a commodity falls with a fall in the price of other commodities.A fall in the price of tea will increase the demand for tea and will decrease the demand for coffee.
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