For complementary goods, an increase in the price of one results in a decrease in demand for the others.

Name: For complementary goods, an increase in the price of one results in a decrease in demand for the others.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Complementary goods are products that are typically consumed together, so if the price of one increases, consumers are less likely to buy it, which in turn reduces the demand for its complement since they are used together.

For Complementary Goods, an Increase in the Price of One