The price of Johnny ' s favorite burger, the Big Mac from McDonald' s goes up in price. He goes to Burger King and purchases a Whopper because it is cheaper , but still satisfies his taste and hunger. This is an example of what concept?
“A substitute good is a good that can be used in place of another.”
“Potatoes from different farms are an example: if the price of one farm's potatoes goes up, then (other things being equal) fewer people will buy potatoes from that farm; they will buy potatoes from another farm instead.”
