When consumers do not view similar products as perfect substitutes,those products are called:
A) homogenous.
B) complements.
C) differentiated.
D) normal.

Question

Quizplus · Accepted Answer

If consumers do not view similar products as perfect substitutes, it means that these products have unique features or attributes that make them different from each other. Such products are known as differentiated products. Homogenous products are interchangeable products that are identical in all aspects. Complements are products that are consumed together, such as bread and butter, or smartphones and mobile data plans. Normal refers to goods for which demand increases as income increases, and vice versa.

When Consumers Do Not View Similar Products as Perfect Substitutes,those