Ceteris paribus, a 10 percent increase in income results in a 50 percent decline in the quantity of potatoes purchased. this imp

Question

Orlov [11]

2 years ago

13

Ceteris paribus, a 10 percent increase in income results in a 50 percent decline in the quantity of potatoes purchased. this imp

lies potatoes can be categorized as _____.
a. complements

b. substitutes

Business

2 answers:

Liula [17] · Answer 1 · 2022-07-05T00:34:23+03:00

Liula [17]2 years ago

8 0

The answer to this question is B. Substitute

melisa1 [442] · Answer 2 · 2022-07-05T02:08:11+03:00

Ceteris paribus, a 10 percent increase in income results in a 50 percent decline in the quantity of potatoes purchased. this implies potatoes can be categorized as substitute.

A substitute is an item that is being used to fill the gap of something that a consumer can not get. They may not be able to receive that item if they can not afford it. In this case, there was a rise in income and a decrease in potatoes so we can gather that many consumers were using the potatoes as a substitute for another good.