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A good that can be used as a replacement for another.

• Related Good - Complementy

• Related Goods- Substitute Goods

• Preferences and Taste

• Number of Buyers

If Powerade lowers their price, what will happen to the demand for Gatorade?

• It will increase.

• It will decrease.

• It will stay the same.

• People will buy more Pepsi.

A good whose use is directly related to the use of another good: paired good

Ex: peanut butter and jelly,

• Related Goods:

  Complementary

• Related Goods:

  Substitution

• Tastes and Preferences

• Income Change

If the price of tortilla chips increases, the demand for salsa will

• go up

• go down

• Stay the same

Markers and coloring books are complementary goods. The price of the coloring books has recently gone up, what will happen for the demand of the markers.

• It will decrease.

• It will increase.

• It will stay the same.

• A change will not happen.

As income increases, demand for goods and services ___________________.

• increases

• decreases

• stays the same

If people expect the price of a PS5 to go up next week, what will happen to the demand for a PS5 today.

• It will decrease

• It will increase

• It will stay the same