Goods in the Market

Question 1

Goods that serve the same purpose as the original and can be used as an alternative.

Answer 1

Substitute Goods

Question 2

They are goods that are in competitive demand

Answer 2

Substitute Goods

Question 3

A rise in the prices of Good S will lead to a contraction in demand for Good S

This might then cause some consumers to switch to a rival product Good T

Answer 3

Substitute Goods

Question 4

What type of good: Tea

Answer 4

Substitute

Question 5

What type of good: coffee

Answer 5

Substitute

Question 6

What type of good: Smartphone brands

Answer 6

Substitute

Question 7

What type of good: rival ride sharing apps

Answer 7

Substitute

Question 8

What type of good: competing supermarket chains

Answer 8

Substitute

Question 9

What type of good: online streaming platforms

Answer 9

Substitute

Question 10

What type of good: cereal brands

Answer 10

substitute

Question 11

Two or more distinct items or goods whose use is associated or interrelated with each other.

Answer 11

Complementary Goods

Question 12

They are products which are bought and used together.

Answer 12

Complementary Goods

Question 13

A fall in the price of Good X will lead to an expansion in quantity demand for X

Answer 13

Complementary Goods

Question 14

Complements are said to be in joint demand

Answer 14

Complementary Goods

Question 15

What type of good: fish and chips

Answer 15

Complementary

Question 16

What type of good: Smartphones and apps

Answer 16

Complementary

Question 17

What type of good: Solar panels & batteries

Answer 17

Complementary

Question 18

What type of good: Flights and taxi services

Answer 18

Complementary

Question 19

What type of good: Shoes and polish

Answer 19

Complementary

Question 20

What type of good: Pasta and pasta sauces

Answer 20

Complementary

Question 21

an increase in income causes a fall in demand for these goods

Answer 21

Inferior Goods

Question 22

a decrease in income causes a rise in demand for these goods

Answer 22

Inferior Goods

Question 23

a type of good whose demand shows an inverse relationship with the consumer’sincome

Answer 23

Inferior Goods

Question 24

an increase in income causes a rise in demand for these goods

Answer 24

Normal Goods

Question 25

a decrease in income causes a fall in demand for these goods

Answer 25

Normal Goods

Question 26

a type of good whose demand shows a positive relationship with the consumer’sincome

Answer 26

Normal Goods

Question 27

an increase in income causes a bigger percentage increase in demand

Answer 27

Luxury Goods

Question 28

a good for which demand increases more than proportionally as income rises, so that expenditures on the good become a greater proportion of overall spending

Answer 28

Luxury Goods

Question 29

something needed for basic human existence

Answer 29

Necessity Goods

Question 30

What type of good: food

Answer 30

Necessity Goods

Question 31

What type of good: electricity

Answer 31

Necessity Goods

Question 32

What type of good: housing

Answer 32

Necessity Goods

Question 33

What type of good: water

Answer 33

Necessity Goods