People buy more of Pepsi when the price of Cokerises. These goods area. Substitute goodsb. Normal goodsc. Complementary goodsd. Luxury goods

1. Substitute goods - These are the goods which can substitute each other i.e. we can use one good…

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People buy more of Pepsi when the price of Coke rises. These goods are

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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People buy more of Pepsi when the price of Coke
rises. These goods are
a. Substitute goods
b. Normal goods
c. Complementary goods
d. Luxury goods

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