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What do substitutes refer to in economics? Give two examples.
This relationship between demand schedules leads economists to classify goods as either substitutes or complements. Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption)[1]. [ We have two types of substitute. They are gross substitutes and net substitutes. ]
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Asked 7/11/2011 9:24:55 PM
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