Assuming that peanut butter and almond butter are substitutes in consumption, illustrate the market for almond butter after a major hurricane hits the peanut-growing south.
Assuming that peanut butter and almond butter are substitutes in consumption, illustrate the market for almond butter after a major hurricane hits the peanut-growing south.
Introduction
Substitute goods, in terms of demand, are products that, when consumed, offer the same fundamental fulfillment of a need or want. Substitute goods, in regard to supply, are those produced using the same resource in an exclusive way. One of the two relationships between goods is through a substitute good. A negative association can be seen between the demand for alternatives to items. In other words, the consumption of one commodity eliminates or lessens the demand for the other. Reduced demand for certain commodities results from lower prices for substitute goods, and vice versa.
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