Substitutes must
A) have the same price.
B) satisfy the same want.
C) be sold in the same store.
D) have the same opportunity cost.
E) be exactly the same product or service.

Question

Quizplus · Accepted Answer

Substitutes are products that satisfy the same want or need for consumers. They do not need to have the same price, be sold in the same store, or be exactly the same product or service. The opportunity cost may be similar but not necessarily the same. Therefore, the best choice is B because it accurately defines what a substitute is.

Substitutes Must