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1. What do substitutes refer to in economics
A substitute refers to an alternate good that consumers are able to purchase when the original good had a price increase. [ Examples of substitutes are when consumers buy margarine when the price of butter increases or buy miracle whip when the price of mayonnaise increases, or pork when the price of beef increases. ]
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Asked 11/8/2013 11:09:05 AM
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examples of The law of demand
Weegy: Law of demand states that other things being equal, the demand for a product is inversely proportional to the price of the product. [ In other words, the demand is higher at lower prices and lower at higher prices under the assumption of ceteris paribus (i.e. other things being equal).We can easily find many examples of economic behavior demonstrating the law of demand. For example, we are likely to buy more oranges if the price per dozen is $3 and less if the price per dozen is $6. ] (More)
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