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Introduction to Economics 1
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi How Markets Work? Market Forces and Equilibrium soru cevapları
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi How Markets Work? Market Forces and Equilibrium soru detayı:
SORU:
Briefly explain substitute goods.
CEVAP:
If two products are substitutes for each other, a change in the price of one product will change the demand for the other product in the opposite direction. For example, if the price of chicken goes down, the demand for beef will shift down to the left.