With the increase or decrease of the prices of substitutes, the demand of the substitute goods also decreases or increases.
Explanation:
Substitutes are the products which can be used in place of another product. For example, a cup of coffee can be taken instead of a cup of tea, or Coke can be taken instead of Pepsi.
Change in the price of Substitutes can affect the demand of other substitutes. If the price of a product increases, then the demand of its substitute increases, and if the price of the product decreases, then the demand of its substitute also decreases.
We can understand this relation with an example. Suppose the product is tea. The substitute of tea is coffee. If the price of tea increases, then people will definitely move towards the substitute, which is coffee. This will increase the demand for coffee. Similarly, if the price of tea decreases, people will buy more tea than coffee, which will decrease the demand for coffee. This is how the substitutes affect demand of each other.
Learn more about substitutes at:
brainly.com/question/12566919
#LearnWithBrainly
Answer:
Jute. Jute dicotyledenous fibre-yielding plant of the genus Corchorus, order Tiliaceae. Jute was once known as the golden fibre of Bangladesh, since it was the most important cash crop for the country. ... This indicates the ancient uses of jute materials by the people of these areas.
Explanation:
Hope this was helpful
Answer:
procedural and declarative.
Explanation:
- The declarative knowledge is the knowledge that is about the facts and things and procedural is about the knowledge about how to perform the certain cognitive activity such as the reasoning and decision making.
Answer:
The Peace of Westphalia laid the foundations of modern Europe by acknowledging Europe as a collection of independent states as well as leading to a rise of nationalism among those states, by ending religious wars, and by introducing a new way of peace negotiation.
Explanation:
I'm not sure
