Whenever the price of hamburger rises too much, you are willing to buy hotdogs for your summer picnics. From a behavioral economics perspective, hamburgers and hotdogs would be considered
A) complements.
B) independents.
C) substitutes.
D) alternatives.

Question

Quizplus · Accepted Answer

Hamburgers and hotdogs are considered substitutes because when the price of one (hamburgers) increases, consumers are willing to switch to the other (hotdogs) for a similar need or desire, in this case, a meal for a summer picnic.

Whenever the Price of Hamburger Rises Too Much, You Are