What are substitute goods?

Answer

In economics, a substitute good is one that may replace another in use or consumption when conditions change. A substitute good has a positive cross elasticity in regards to demand.
1 Additional Answer
Substitute goods are goods that take the place of original merchandise. They are suppose to be as good as the original stuff. Some times the sustitute goods are cheaper.
Q&A Related to "What are substitute goods?"
Turmeric is a root with a vivid yellow color. Saffron also gives the same bright color to food and can be used in the same recipes as turmeric with a similar flavor, but no spice
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Explore this Topic
Substitute goods are defined as two or more products that have demand schedules that are related to each other in a manner where an increase in the price of one ...
An example of substitute good is butter, coffee, and tea. A substitute good, is the opposite of a complementary good. It is such a good in which the elasticity ...
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