intermarket relationships

Question 1

define complementary goods

Answer 1

goods that are purchased to go with / support another product

Question 2

give an example of complementary goods

Answer 2

anything that goes together e.g fish and chips

Question 3

define inferior goods

Answer 3

goods that consumers demand less of as incomes increase due to them opting to buy higher quality goods

Question 4

define normal goods

Answer 4

goods for which demand will increase if incomes do and vice versa

Question 5

define substitutes

Answer 5

goods or services that can be used to replace one another

Question 6

what type of demand do substitutes have

Answer 6

competitive demand

Question 7

what type of demand do complements have

Answer 7

joint demand