In Order to Represent a Consumer's Choices on a Graph

question 196

Short Answer

In order to represent a consumer's choices on a graph, we draw her budget constraint as well as her __________ curves.

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Definitions:

Substitutes

Goods or services that can be used in place of each other to satisfy consumer preferences or needs.

Substitute Product

A good or service that can be used in place of another to satisfy similar needs or desires.

Complements

Products or services that are used together, where the consumption or use of one increases the demand for the other.

Substitutes

Goods or services that can be used in place of each other, satisfying the same needs or desires.