If goods X and Y are substitute goods, then an increase in the price of Y, other things constant, O results in a decrease in the amounts of both X and Y consumed. O decreases the quantity demanded of Y, but has no effect on the amount of X consumed. O results in a decrease in the quantity of Y consumed, but the amount of X consumed increases. O has no real effect on the quantity demanded of good Y, but increases the demand for X.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.