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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 6, Problem 7TY
Textbook Problem
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Which of the following product pairs would you expect to be substitutes, and which would you expect to be complements?

  1. Shoes and sneakers
  2. Gasoline and sport-utility vehicles
  3. Tacos and hot sauce
  4. Music streaming services and music downloads

To determine

The pairs of substitutes and complementary products.

Explanation of Solution

  • Shoes and sneakers are substitutes. They can use as an alternative to each other.
  • Gasoline and sport-utility vehicles are complimentary goods because their use is associated and interrelated to each other...

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