Question

College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start their careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are:

Answer 1

Answer:

substitute goods.

Explanation:

The concept of good substitution is an important subject of the study of microeconomics and allows predictions about price behavior and demand for certain goods. In short, substitute goods may be regarded as competing goods for the same consumer. Let's say there are two goods, good A and good B, and that they are substitutes. This means that the consumer will choose to consume either good A or good B, but never both at the same time. Substitute goods are the exact opposite of complementary goods.

The most common substitute good example is beef and chicken. These goods are so substitutes that a change in the price of one of them tends to influence demand for the other good. Another example is the consumption of ramen noodles and boxed macaroni and cheese, which are often eaten by college students but are abandoned by other products once students finish school and start their careers.