| 单词 | substitute |
| 释义 | substitute A good or service which can be used instead of another. Every good is thus a substitute for other goods in general. A pair of goods are said to be substitutes if, holding the utility level constant, a rise in the price of one of them increases demand for the other. This relation between a pair of goods is contrasted with that of complements where, holding the utility level constant, a rise in the price of one good decreases demand for the other. See also: perfect substitute |
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