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Sagot :
The demand for a good increase when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.
What is demand and supply?
- Supply and demand is an economic theory that describes how prices are set in a market in microeconomics.
- In a competitive market, it is hypothesized that all else being equal, the unit price for a specific good or other traded good, such as labor or liquid financial assets, will fluctuate until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
- It is the theoretical cornerstone of contemporary economics.
Therefore, the demand for a good increases when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.
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