In order for you to consider steak and lobster to be perfect substitutes, their prices per pound must be identical.

Question

Quizplus · Accepted Answer

While price is an important factor in determining whether two goods are substitutes, it is not the only factor. Consumers may also consider taste preference or nutritional value, among other factors. Therefore, it is possible for two goods to be considered substitutes even if their prices per pound are not identical.

In Order for You to Consider Steak and Lobster to Be