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1615:. Thus, the firms will try to differentiate their product through branding and marketing to capture above market returns. Some common examples of monopolistic industries include gasoline, milk, Internet connectivity (ISP services), electricity, telephony, and airline tickets. Since firms offer similar products, demand is highly elastic in monopolistic competition. As a result of demand being very responsive to price changes, consumers will switch to the cheapest alternative as a result of price increases. This is known as switching costs, or essentially what the consumers are willing to give up.
832:. The consumption points on the curve offer the same level of utility as before, but compensation depends on the starting point of the substitution. Unlike perfect substitutes (see figure 4), the indifference curves of imperfect substitutes are not linear and the marginal rate of substitution is different for different set of combinations on the curve. Close substitute goods are similar products that target the same customer groups and satisfy the same needs, but have slight differences in characteristics. Sellers of close substitute goods are therefore in indirect competition with each other.
756:
1627:. Alongside competitive rivalry, buyer power, supplier power and threat of new entry, Porter identifies the threat of substitution as one of the five important industry forces. The threat of substitution refers to the likelihood of customers finding alternative products to purchase. When close substitutes are available, customers can easily and quickly forgo buying a company's product by finding other alternatives. This can weaken a company's power which threatens long-term profitability. The risk of substitution can be considered high when:
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customers' needs. Across ten sets of different foods, 79.7% of research participants believed that a within-category substitute would better satisfy their craving for a food they could not have than a cross-category substitute. Unable to acquire a desired Godiva chocolate, for instance, a majority reported that they would prefer to eat a store-brand chocolate (a within-category substitute) than a chocolate-chip
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789:, see figure 3. If goods X and Y are perfect substitutes, any different consumption bundle will result in the consumer obtaining the same utility level for all the points on the indifference curve (utility function). Let a consumption bundle be represented by (X,Y), then, a consumer of perfect substitutes would receive the same level of utility from (20,10) or (30,0).
855:
Imperfect substitutes have a low cross-elasticity of demand. If two brands of cereal have the same prices before one's price is raised, we can expect sales to fall for that brand. However, sales will not raise by the same amount for the other brand, as there are many types of cereal that are equally
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of the utilities he gains from each of these items. For example, consider a consumer that wants a means of transportation, which may be either a car or a bicycle. The consumer prefers a car to a bicycle. If the consumer has both a car and a bicycle, then the consumer uses only the car. The economic
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Whether goods are cross-category or within-category substitutes influences the utility derived by consumers. In the case of food, people exhibit a strong preference for within-category substitutes over cross-category substitutes, despite cross-category substitutes being more effective at satisfying
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An example of substitute goods are tea and coffee. These two goods satisfy the three conditions: tea and coffee have similar performance characteristics (they quench a thirst), they both have similar occasions for use (in the morning) and both are usually sold in the same geographic area (consumers
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for the two goods will be interrelated by the fact that customers can trade off one good for the other if it becomes advantageous to do so. Cross-price elasticity helps us understand the degree of substitutability of the two products. An increase in the price of a good will increase demand for its
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is non-existent when it comes to products that are net substitutes. Like most times when products are gross substitutes, they will also likely be net substitutes, hence most gross substitute preferences supporting a competitive equilibrium also serve as examples of net substitutes doing the same.
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The degree to which a good has a perfect substitute depends on how specifically the good is defined. The broader the definition of a good, the easier it is for the good to have a substitute good. On the other hand, a good narrowly defined will be likely to not have a substitute good. For example,
835:
Beverages are a great example of imperfect substitutes. As the price of Coca-Cola rises, consumers could be expected to substitute to Pepsi. However, many consumers prefer one brand over the other. Consumers who prefer one brand over the other will not trade between them one-to-one. Rather, a
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is that the goods of competing firms should be perfect substitutes. Products sold by different firms have minimal differences in capabilities, features, and pricing. Thus, buyers cannot distinguish between products based on physical attributes or intangible value. When this condition is not
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In a market with close/perfect substitutes, customers have a wide range of products to choose from. As the number of substitutes increase, the probability that every consumer selects what is right for them also increases. That is, consumers can reach a higher overall utility level from the
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Only if the two products satisfy the three conditions, will they be classified as close substitutes according to economic theory. The opposite of a substitute good is a complementary good, these are goods that are dependent on another. An example of complementary goods are cereal and milk.
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1549:(a cross-category substitute). This preference for within-category food substitutes appears, however, to be misguided. Because within-category food substitutes are more similar to the missing food, their inferiority to it is more noticeable. This creates a negative
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As a result of the intense competition caused the availability of substitute goods, low quality products can arise. Since prices are reduced to capture a larger share of the market, firms try to reduce their utilisation of resources which in turn will reduce their
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in prices. This volatility negatively impacts producers' profits, as it is possible to earn higher profits in markets with fewer substitute products. That is, perfect substitute results in profits being driven down to zero as seen in perfectly competitive markets
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and maintain a constant utility function. This defeats the point of a competitive equilibrium, where no such intervention takes place. The equilibrium is decentralized and left to the producers and consumers to determine and arrive at an equilibrium price.
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bundle to maximise their profits. If the prices of the goods differed, there would be no demand for the more expensive good. Producers and sellers of perfect substitute goods directly compete with each other, that is, they are known to be in direct
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and
Imperial margarine have the same price listed for the same amount of spread, but one brand increases its price, its sales will fall by a certain amount. In response, the other brand's sales will increase by the same amount.
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are goods that are members of different taxonomic categories but can satisfy the same goal. A person who wants chocolate but cannot acquire it, for example, might instead buy ice cream to satisfy the goal of having a dessert.
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of a combination of the two goods is an increasing function of the sum of the quantity of each good. That is, the more the consumer can consume (in total quantity), the higher level of utility will be achieved, see figure 3.
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A product's occasion for use describes when, where and how it is used. For example, orange juice and soft drinks are both beverages but are used by consumers in different occasions (i.e. breakfast vs during the day).
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The cross-price elasticity may be positive or negative, depending on whether the goods are complements or substitutes. A substitute good is a good with a positive cross elasticity of demand. This means that, if good
58:; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes.
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That is, goods are net substitutes if they are substitutes for each other under a constant utility function. Net substitutability has the desirable property that, unlike gross substitutability, it is symmetric:
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characterizes an industry in which many firms offer products or services that are close, but not perfect substitutes. Monopolistic firms have little power to set curtail supply or raise prices to increase
460:
2057:
Huh, Young Eun; Vosgerau, Joachim; Morewedge, Carey K. (2016-06-01). "More
Similar but Less Satisfying Comparing Preferences for and the Efficacy of Within- and Cross-Category Substitutes for Food".
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This misconception can be further clarified by looking at the nature of net substitutes which exists in a purely hypothetical situation where a fictitious entity interferes to shut down the
844:
cereal, which is a very narrowly defined good as compared to cereal generally, has few, if any substitutes. To illustrate this further, we can imagine that while both Rice
Krispies and
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Two products are in different geographic market if they are sold in different locations, it is costly to transport the goods or it is costly for consumers to travel to buy the goods.
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consumer who prefers Coca-Cola (for example) will be willing to exchange more Pepsi for less Coca-Cola, in other words, consumers who prefer Coca-Cola would be willing to pay more.
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Imperfect substitutes, also known as close substitutes, have a lesser level of substitutability, and therefore exhibit variable marginal rates of substitution along the consumer
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Perfect competition is solely based on firms having equal conditions and the continuous pursuit of these conditions, regardless of the market size One of the requirements for
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Performance characteristics describe what the product does for the customer; a solution to customers' needs or wants. For example, a beverage would quench a customer's thirst.
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1591:. A perfectly competitive market is a theoretical benchmark and does not exist in reality. However, perfect substitutability is significant in the era of
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are types of cereal, they are imperfect substitutes, as the two are very different types of cereal. However, generic brands of Rice
Krispies, such as
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shows the relationship between two goods, it captures the responsiveness of the quantity demanded of one good to a change in price of another good.
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An example of perfect substitutes is butter from two different producers; the producer may be different but their purpose and usage are the same.
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The fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the
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perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to
1392:{\displaystyle \left.{\frac {\partial x_{j}}{\partial p_{i}}}\right|_{u=const}=\left.{\frac {\partial x_{i}}{\partial p_{j}}}\right|_{u=const}}
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are goods that are members of the same taxonomic category such as goods sharing common attributes (e.g., chocolate, chairs, station wagons).
1553:, and leads within-category substitutes to be less satisfying substitutes than cross-category substitutes unless the quality is comparable.
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theory of unit elastic demand illustrates the inverse relationship between price and quantity. Unit-demand goods are always substitutes.
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are categories of goods from which consumer wants only a single item. If the consumer has two unit-demand items, then his utility is the
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when the demand for good X increases when the price of good Y increases and the utility derived from the substitute remains constant.
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because there are usually several competing providers (e.g., electricity suppliers) selling the same good which result in aggressive
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Consumers of perfect substitutes base their rational decision-making process on prices only. Evidently, the consumer will choose the
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substitutable for the brand which has raised its price; consumer preferences determine which brands pick up their losses.
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1947:
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50:, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is
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If two goods are imperfect substitutes, economists can distinguish them as gross substitutes or net substitutes. Good
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1779:
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Additionally substitute goods have a large impact on markets, consumer and sellers through the following factors:
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Customers of a product have low loyalty towards the brand or product, hence being more sensitive to price changes.
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substitutes, while a decrease in the price of a good will decrease demand for its substitutes, see Figure 2.
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747:. Furthermore, perfect substitutes have a higher cross elasticity of demand than imperfect substitutes do.
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The
Michael Porter invented "Porter's Five Forces" to analyse an industry's attractiveness and likely
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Perfect substitutes refer to a pair of goods with uses identical to one another. In that case, the
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Substitute goods are commodity which the consumer demanded to be used in place of another good.
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increases, as described above. Gross substitutability is not a symmetric relationship. Even if
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1510:. The symmetry of net substitution is both intuitively appealing and theoretically useful.
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Economic theory describes two goods as being close substitutes if three conditions hold:
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1233:{\displaystyle \left.{\frac {\partial x_{j}}{\partial p_{i}}}\right|_{u=const}>0}
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The quality and performance offered by a close substitute are of a higher standard.
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Figure 4: Comparison of indifference curves of perfect and imperfect substitutes
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can buy both at their local supermarket). Some other common examples include
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are two goods that can be used for the same purpose by consumers. That is, a
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Perfect substitutes have a high cross-elasticity of demand. For example, if
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determines whether goods are classified as substitutes or complements. The
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Markets characterised by close/perfect substitute goods experience great
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2110:"Within-Category Versus Cross-Category Substitution in Food Consumption"
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Customers have slight switching costs between two available substitutes.
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different types of cereal generally are substitutes for each other, but
478:
2613:
2499:
2445:
2325:"Substitute Products - Understanding the Impact of Substitute Products"
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Crispy Rice would be a perfect substitute for
Kellogg's Rice Krispies.
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2450:
2397:
2154:
Market Design: A Linear
Programming Approach to Auctions and Matching
793:
156:
51:
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2739:
2232:"Putting Ads between Hardcovers to Reduce Prices and Raise Profits"
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39:
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1526:
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1774:. United States of America: John Wiley & Sons. p. 168.
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471:
260:
160:
2128:"Unit Elastic Demand | Meaning, Example, Analysis, Conclusion"
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will result in a rightward movement along the demand curve of
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will result in a leftward movement along the demand curve of
455:{\displaystyle {\frac {\partial x_{j}}{\partial p_{i}}}>0}
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products have the same or similar performance characteristics
55:
2108:
Huh, Young Eun; Morewedge, Carey; Vosgerau, Joachim (2013).
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1256:
1160:
1770:
D. Besanko, D. Dranove, S. Schaefer, M. Shanley (2013).
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International
Conference on Population and Development
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products have the same or similar occasion for use and
1999:
Microeconomic Theory: Basic
Principles and Extensions
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Microeconomic Theory: Basic
Principles and Extensions
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Economics concept of goods considered interchangeable
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1948:"What are substitute goods? Definition and examples"
1704:"What are substitute goods? Definition and examples"
763:
2002:. Mason, Ohio: Thomson/South-Western. p. 187.
1888:(4th ed.). John Wiley & Sons. p. 92.
1733:. Mason, Ohio: Thomson/South-Western. p. 185.
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2295:"Substitute Goods: Meaning, Elasticity, Examples"
2031:"utility - Gross substitutes vs. net substitutes"
1882:Besanko, David; Braeutigam, Ronald (2010-10-25).
1881:
1835:"Other Demand Elasticities | Boundless Economics"
1815:(Revision A ed.). Lyryx Learning. p. 67
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1996:Nicholson, Walter; Snyder, Christopher (2008).
1995:
1727:Nicholson, Walter; Snyder, Christopher (2008).
1726:
482:Figure 2: Graphical example of substitute goods
1527:Within-category and cross-category substitutes
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1573:In perfect and monopolistic market structures
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74:products are sold in the same geographic area
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1794:: CS1 maint: multiple names: authors list (
859:
504:) is calculated with the following formula:
3002:United Nations world population conferences
2157:. Cambridge University Press. p. 145.
1812:Macroeconomics: Theory, Models & Policy
1602:
2915:Population and housing censuses by country
2605:
2591:
2367:
2353:
1587:satisfied, the market is characterized by
2638:Estimates of historical world population
819:
815:
754:
477:
77:
2150:
14:
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1577:
768:
2586:
2348:
2319:
2317:
2315:
2271:"Monopolistic Competition Definition"
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2052:
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1918:
1809:Curtis, Douglas; Irvine, Ian (2017).
519:Percentage Change in Price of Good Y
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1942:
1940:
1914:
1912:
1765:
1763:
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1759:
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1658:availability of substitute products.
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3007:Voluntary Human Extinction Movement
2208:"Understanding Perfect Competition"
2185:Lordkipanidze, Revaz (2022-04-23).
1148:are said to be net substitutes if
24:
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1483:is also a net substitute for good
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25:
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2899:Population and Development Review
2205:
1970:
1937:
1909:
1754:
1618:
1513:The common misconception is that
764:Perfect and imperfect substitutes
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2947:Population concern organizations
2653:Projections of population growth
492:cross-price elasticity of demand
3048:Human impact on the environment
2982:Population Action International
2287:
2262:
2224:
2199:
2178:
2144:
2120:
2101:
2023:
1989:
1964:
716:and cause the demand curve for
631:and cause the demand curve for
2997:United Nations Population Fund
2612:
2248:10.1080/01296612.1989.11727241
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1851:
1827:
1802:
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577:, an increase in the price of
13:
1:
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1429:is a net substitute for good
787:marginal rate of substitution
662:. A decrease in the price of
949:increases, spending on good
7:
3022:World Population Foundation
3012:World Population Conference
2925:World population milestones
2329:Corporate Finance Institute
2114:ACR North American Advances
1662:
1532:Within-category substitutes
1030:, it may not be true that
922:if, when the price of good
781:Perfect substitutes have a
109:increases, then demand for
10:
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2894:Population and Environment
1538:Cross-category substitutes
1057:is a gross substitute for
1003:is a gross substitute for
466:Cross elasticity of demand
82:Figure 1: If the price of
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1919:Piana, Valentino (2005).
1839:courses.lumenlearning.com
860:Gross and net substitutes
550:is a substitute for good
486:The relationship between
201:is a substitute for good
2809:Compulsory sterilization
2242:(3): 153. January 1989.
2151:Bichler, Martin (2017).
2071:10.1177/0956797616640705
2035:Economics Stack Exchange
1684:List of economics topics
1608:Monopolistic competition
1603:Monopolistic competition
785:function and a constant
750:
2751:Malthusian growth model
2441:(Post-)experience goods
1925:Economics Web Institute
1669:Competitive equilibrium
1589:product differentiation
1515:competitive equilibrium
3124:Utility function types
2878:Zero population growth
2873:Sustainable population
2797:Malthusian catastrophe
2756:Overshoot (population)
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1973:"How Substitutes Work"
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1772:Economics of Strategy
1674:Currency substitution
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3017:World Population Day
2972:Church of Euthanasia
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2836:Political demography
2792:Human overpopulation
2408:Common-pool resource
1952:Market Business News
1859:"perfect substitute"
1708:Market Business News
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1578:Perfect competition
769:Perfect substitutes
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993:
966:
939:
912:
881:
830:indifference curve
826:
761:
733:
706:
679:
648:
621:
594:
567:
540:
484:
452:
395:
368:
341:
310:
280:
249:
218:
191:
138:
126:
99:
3109:Goods (economics)
3096:
3095:
2967:7 Billion Actions
2841:Population ethics
2734:Carrying capacity
2643:Population growth
2580:
2579:
2480:Information goods
2421:Independent goods
2164:978-1-316-80024-9
2009:978-0-324-58507-0
1895:978-0-470-56358-8
1740:978-0-324-58507-0
1597:price competition
1562:Unit-demand goods
1557:Unit-demand goods
1402:That is, if good
1359:
1290:
1194:
799:price competition
444:
48:independent goods
16:(Redirected from
3131:
3086:
3085:
3074:
3073:
3043:Green Revolution
2824:Two-child policy
2819:One-child policy
2742:
2702:Population model
2658:World population
2607:
2600:
2593:
2584:
2583:
2485:Intangible goods
2455:Positional goods
2417:Substitute goods
2388:Anti-rival goods
2369:
2362:
2355:
2346:
2345:
2339:
2338:
2336:
2335:
2321:
2310:
2309:
2307:
2306:
2291:
2285:
2284:
2282:
2281:
2269:Chappelow, Jim.
2266:
2260:
2259:
2228:
2222:
2221:
2219:
2218:
2203:
2197:
2196:
2194:
2193:
2182:
2176:
2175:
2173:
2171:
2148:
2142:
2141:
2139:
2138:
2132:studyfinance.com
2124:
2118:
2117:
2105:
2099:
2098:
2054:
2045:
2044:
2042:
2041:
2027:
2021:
2020:
2018:
2016:
1993:
1987:
1986:
1984:
1983:
1968:
1962:
1961:
1959:
1958:
1944:
1935:
1934:
1932:
1931:
1916:
1907:
1906:
1904:
1902:
1879:
1873:
1872:
1870:
1869:
1863:Oxford Reference
1855:
1849:
1848:
1846:
1845:
1831:
1825:
1824:
1822:
1820:
1806:
1800:
1799:
1793:
1785:
1767:
1752:
1751:
1749:
1747:
1724:
1718:
1717:
1715:
1714:
1700:
1509:
1507:
1506:
1501:
1499:
1498:
1482:
1480:
1479:
1474:
1472:
1471:
1455:
1453:
1452:
1447:
1445:
1444:
1428:
1426:
1425:
1420:
1418:
1417:
1398:
1396:
1395:
1390:
1388:
1387:
1364:
1360:
1358:
1357:
1356:
1343:
1342:
1341:
1328:
1319:
1318:
1295:
1291:
1289:
1288:
1287:
1274:
1273:
1272:
1259:
1239:
1237:
1236:
1231:
1223:
1222:
1199:
1195:
1193:
1192:
1191:
1178:
1177:
1176:
1163:
1147:
1145:
1144:
1139:
1137:
1136:
1120:
1118:
1117:
1112:
1110:
1109:
1083:
1081:
1080:
1075:
1073:
1072:
1056:
1054:
1053:
1048:
1046:
1045:
1029:
1027:
1026:
1021:
1019:
1018:
1002:
1000:
999:
994:
992:
991:
975:
973:
972:
967:
965:
964:
948:
946:
945:
940:
938:
937:
921:
919:
918:
913:
911:
910:
893:gross substitute
890:
888:
887:
882:
880:
879:
742:
740:
739:
734:
732:
731:
715:
713:
712:
707:
705:
704:
688:
686:
685:
680:
678:
677:
657:
655:
654:
649:
647:
646:
630:
628:
627:
622:
620:
619:
603:
601:
600:
595:
593:
592:
576:
574:
573:
568:
566:
565:
549:
547:
546:
541:
539:
538:
488:demand schedules
461:
459:
458:
453:
445:
443:
442:
441:
428:
427:
426:
413:
404:
402:
401:
396:
394:
393:
377:
375:
374:
369:
367:
366:
350:
348:
347:
342:
340:
339:
319:
317:
316:
311:
309:
308:
289:
287:
286:
281:
279:
278:
258:
256:
255:
250:
248:
247:
227:
225:
224:
219:
217:
216:
200:
198:
197:
192:
190:
189:
135:
133:
132:
127:
125:
124:
108:
106:
105:
100:
98:
97:
36:substitute goods
21:
18:Substitute goods
3139:
3138:
3134:
3133:
3132:
3130:
3129:
3128:
3114:Consumer theory
3099:
3098:
3097:
3092:
3062:
3026:
2960:
2958:
2951:
2903:
2882:
2831:Overconsumption
2814:Family planning
2771:
2765:
2738:
2722:
2719:
2711:
2673:
2670:
2662:
2616:
2611:
2581:
2576:
2536:Household goods
2519:Necessity goods
2426:Composite goods
2379:
2373:
2343:
2342:
2333:
2331:
2323:
2322:
2313:
2304:
2302:
2293:
2292:
2288:
2279:
2277:
2267:
2263:
2230:
2229:
2225:
2216:
2214:
2204:
2200:
2191:
2189:
2183:
2179:
2169:
2167:
2165:
2149:
2145:
2136:
2134:
2126:
2125:
2121:
2106:
2102:
2055:
2048:
2039:
2037:
2029:
2028:
2024:
2014:
2012:
2010:
1994:
1990:
1981:
1979:
1969:
1965:
1956:
1954:
1946:
1945:
1938:
1929:
1927:
1917:
1910:
1900:
1898:
1896:
1880:
1876:
1867:
1865:
1857:
1856:
1852:
1843:
1841:
1833:
1832:
1828:
1818:
1816:
1807:
1803:
1787:
1786:
1782:
1768:
1755:
1745:
1743:
1741:
1725:
1721:
1712:
1710:
1702:
1701:
1697:
1692:
1665:
1621:
1605:
1580:
1575:
1559:
1551:contrast effect
1529:
1494:
1490:
1488:
1485:
1484:
1467:
1463:
1461:
1458:
1457:
1440:
1436:
1434:
1431:
1430:
1413:
1409:
1407:
1404:
1403:
1365:
1352:
1348:
1344:
1337:
1333:
1329:
1327:
1324:
1323:
1296:
1283:
1279:
1275:
1268:
1264:
1260:
1258:
1255:
1254:
1252:
1249:
1248:
1200:
1187:
1183:
1179:
1172:
1168:
1164:
1162:
1159:
1158:
1156:
1153:
1152:
1132:
1128:
1126:
1123:
1122:
1105:
1101:
1099:
1096:
1095:
1089:net substitutes
1068:
1064:
1062:
1059:
1058:
1041:
1037:
1035:
1032:
1031:
1014:
1010:
1008:
1005:
1004:
987:
983:
981:
978:
977:
960:
956:
954:
951:
950:
933:
929:
927:
924:
923:
906:
902:
900:
897:
896:
875:
871:
869:
866:
865:
862:
818:
771:
766:
753:
727:
723:
721:
718:
717:
700:
696:
694:
691:
690:
673:
669:
667:
664:
663:
642:
638:
636:
633:
632:
615:
611:
609:
606:
605:
588:
584:
582:
579:
578:
561:
557:
555:
552:
551:
534:
530:
528:
525:
524:
517:
512:
503:
468:
437:
433:
429:
422:
418:
414:
412:
410:
407:
406:
389:
385:
383:
380:
379:
362:
358:
356:
353:
352:
335:
331:
329:
326:
325:
304:
300:
298:
295:
294:
274:
270:
268:
265:
264:
243:
239:
237:
234:
233:
212:
208:
206:
203:
202:
185:
181:
179:
176:
175:
174:Formally, good
120:
116:
114:
111:
110:
93:
89:
87:
84:
83:
28:
23:
22:
15:
12:
11:
5:
3137:
3127:
3126:
3121:
3116:
3111:
3094:
3093:
3091:
3090:
3080:
3067:
3064:
3063:
3061:
3060:
3058:Sustainability
3055:
3050:
3045:
3040:
3034:
3032:
3031:Related topics
3028:
3027:
3025:
3024:
3019:
3014:
3009:
3004:
2999:
2994:
2989:
2984:
2979:
2974:
2969:
2963:
2961:
2956:
2953:
2952:
2950:
2949:
2944:
2943:
2942:
2937:
2932:
2922:
2920:Largest cities
2917:
2911:
2909:
2905:
2904:
2902:
2901:
2896:
2890:
2888:
2884:
2883:
2881:
2880:
2875:
2870:
2869:
2868:
2863:
2858:
2853:
2848:
2838:
2833:
2828:
2827:
2826:
2821:
2816:
2811:
2801:
2800:
2799:
2789:
2781:
2775:
2773:
2767:
2766:
2764:
2763:
2758:
2753:
2748:
2743:
2740:I = P × A × T
2736:
2731:
2725:
2723:
2716:
2713:
2712:
2710:
2709:
2704:
2699:
2694:
2693:
2692:
2682:
2676:
2674:
2667:
2664:
2663:
2661:
2660:
2655:
2650:
2645:
2640:
2635:
2630:
2624:
2622:
2618:
2617:
2610:
2609:
2602:
2595:
2587:
2578:
2577:
2575:
2574:
2569:
2564:
2562:Superior goods
2559:
2554:
2545:
2540:
2539:
2538:
2528:
2526:Ordinary goods
2523:
2522:
2521:
2511:
2506:
2497:
2492:
2487:
2482:
2477:
2475:Inferior goods
2472:
2467:
2465:Global commons
2462:
2457:
2448:
2443:
2438:
2433:
2431:Credence goods
2428:
2423:
2410:
2405:
2400:
2395:
2390:
2384:
2381:
2380:
2372:
2371:
2364:
2357:
2349:
2341:
2340:
2311:
2286:
2261:
2223:
2198:
2177:
2163:
2143:
2119:
2100:
2065:(6): 894–903.
2046:
2022:
2008:
1988:
1963:
1936:
1908:
1894:
1885:Microeconomics
1874:
1850:
1826:
1801:
1780:
1753:
1739:
1719:
1694:
1693:
1691:
1688:
1687:
1686:
1681:
1676:
1671:
1664:
1661:
1660:
1659:
1655:
1651:
1639:
1638:
1635:
1632:
1620:
1619:Market effects
1617:
1604:
1601:
1579:
1576:
1574:
1571:
1558:
1555:
1528:
1525:
1497:
1493:
1470:
1466:
1443:
1439:
1416:
1412:
1400:
1399:
1386:
1383:
1380:
1377:
1374:
1371:
1368:
1363:
1355:
1351:
1347:
1340:
1336:
1332:
1326:
1322:
1317:
1314:
1311:
1308:
1305:
1302:
1299:
1294:
1286:
1282:
1278:
1271:
1267:
1263:
1257:
1241:
1240:
1229:
1226:
1221:
1218:
1215:
1212:
1209:
1206:
1203:
1198:
1190:
1186:
1182:
1175:
1171:
1167:
1161:
1135:
1131:
1108:
1104:
1087:Two goods are
1071:
1067:
1044:
1040:
1017:
1013:
990:
986:
963:
959:
936:
932:
909:
905:
878:
874:
861:
858:
817:
814:
783:linear utility
770:
767:
765:
762:
752:
749:
730:
726:
703:
699:
676:
672:
645:
641:
618:
614:
591:
587:
564:
560:
537:
533:
515:
510:
501:
467:
464:
451:
448:
440:
436:
432:
425:
421:
417:
392:
388:
365:
361:
338:
334:
307:
303:
277:
273:
246:
242:
215:
211:
188:
184:
123:
119:
96:
92:
76:
75:
72:
69:
32:microeconomics
26:
9:
6:
4:
3:
2:
3136:
3125:
3122:
3120:
3117:
3115:
3112:
3110:
3107:
3106:
3104:
3089:
3081:
3079:
3078:
3069:
3068:
3065:
3059:
3056:
3054:
3051:
3049:
3046:
3044:
3041:
3039:
3038:Bennett's law
3036:
3035:
3033:
3029:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2973:
2970:
2968:
2965:
2964:
2962:
2959:organizations
2954:
2948:
2945:
2941:
2938:
2936:
2933:
2931:
2928:
2927:
2926:
2923:
2921:
2918:
2916:
2913:
2912:
2910:
2906:
2900:
2897:
2895:
2892:
2891:
2889:
2885:
2879:
2876:
2874:
2871:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2843:
2842:
2839:
2837:
2834:
2832:
2829:
2825:
2822:
2820:
2817:
2815:
2812:
2810:
2807:
2806:
2805:
2802:
2798:
2795:
2794:
2793:
2790:
2788:
2786:
2782:
2780:
2777:
2776:
2774:
2768:
2762:
2759:
2757:
2754:
2752:
2749:
2747:
2746:Kaya identity
2744:
2741:
2737:
2735:
2732:
2730:
2727:
2726:
2724:
2721:
2714:
2708:
2705:
2703:
2700:
2698:
2695:
2691:
2688:
2687:
2686:
2683:
2681:
2678:
2677:
2675:
2672:
2665:
2659:
2656:
2654:
2651:
2649:
2646:
2644:
2641:
2639:
2636:
2634:
2631:
2629:
2626:
2625:
2623:
2619:
2615:
2608:
2603:
2601:
2596:
2594:
2589:
2588:
2585:
2573:
2570:
2568:
2565:
2563:
2560:
2558:
2555:
2553:
2549:
2546:
2544:
2541:
2537:
2534:
2533:
2532:
2531:Private goods
2529:
2527:
2524:
2520:
2517:
2516:
2515:
2512:
2510:
2509:Neutral goods
2507:
2505:
2504:demerit goods
2501:
2498:
2496:
2493:
2491:
2488:
2486:
2483:
2481:
2478:
2476:
2473:
2471:
2468:
2466:
2463:
2461:
2458:
2456:
2452:
2449:
2447:
2444:
2442:
2439:
2437:
2434:
2432:
2429:
2427:
2424:
2422:
2418:
2414:
2411:
2409:
2406:
2404:
2401:
2399:
2396:
2394:
2393:Capital goods
2391:
2389:
2386:
2385:
2382:
2378:
2370:
2365:
2363:
2358:
2356:
2351:
2350:
2347:
2330:
2326:
2320:
2318:
2316:
2300:
2296:
2290:
2276:
2272:
2265:
2257:
2253:
2249:
2245:
2241:
2237:
2233:
2227:
2213:
2209:
2206:Hayes, Adam.
2202:
2188:
2181:
2166:
2160:
2156:
2155:
2147:
2133:
2129:
2123:
2115:
2111:
2104:
2096:
2092:
2088:
2084:
2080:
2076:
2072:
2068:
2064:
2060:
2053:
2051:
2036:
2032:
2026:
2011:
2005:
2001:
2000:
1992:
1978:
1974:
1971:Hayes, Adam.
1967:
1953:
1949:
1943:
1941:
1926:
1922:
1915:
1913:
1897:
1891:
1887:
1886:
1878:
1864:
1860:
1854:
1840:
1836:
1830:
1814:
1813:
1805:
1797:
1791:
1783:
1781:9781118273630
1777:
1773:
1766:
1764:
1762:
1760:
1758:
1742:
1736:
1732:
1731:
1723:
1709:
1705:
1699:
1695:
1685:
1682:
1680:
1677:
1675:
1672:
1670:
1667:
1666:
1656:
1652:
1648:
1644:
1643:
1642:
1636:
1633:
1630:
1629:
1628:
1626:
1625:profitability
1616:
1614:
1609:
1600:
1598:
1594:
1590:
1585:
1570:
1567:
1563:
1554:
1552:
1548:
1542:
1539:
1535:
1533:
1524:
1521:
1520:income effect
1516:
1511:
1495:
1491:
1468:
1464:
1441:
1437:
1414:
1410:
1384:
1381:
1378:
1375:
1372:
1369:
1366:
1361:
1353:
1349:
1338:
1334:
1320:
1315:
1312:
1309:
1306:
1303:
1300:
1297:
1292:
1284:
1280:
1269:
1265:
1247:
1246:
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