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FSOT Full Test Bank

Category - Economics

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If the demand for product X goes up, will the demand for the substitution product Y go up or down?

The demand for product Y will go up.
The demand for product Y will go down.
The demand for product Y is unaffected.
There is not enough information to answer.

Explanation

Answer: B - If the demand for product X goes up, demand for the substitution product Y will go down. Substitution goods are bought in lieu of each other. For instance, if people start buying more Coca-Cola, they will probably buy less Pepsi.

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