​If the Price of Good X Increases and This Causes

question 153

True/False

​If the price of good X increases and this causes an increase in the demand for good Y, then goods X and Y are substitute goods.

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Definitions:

Minimum Cost

The least possible expense that can be incurred in the acquisition of a good, service, or the execution of a project or process.

Supply

The total amount of a product or service that is available for purchase at any given time.

Demand

The consumer's desire and willingness to pay for a product or service, influencing its market price and quantity.

Transportation Model

A type of optimization model used to determine the most efficient distribution of goods or services from several supply locations to several demand locations.