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A substitute good is a good that can be used in place of another. In consumer theory, substitute goods or substitutes are goods that a consumer perceives as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Formally, good is a substitute for good if, when the price of rises, the demand for rises. Let be the price of good . Then, is a substitute for if .

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  • A substitute good is a good that can be used in place of another. In consumer theory, substitute goods or substitutes are goods that a consumer perceives as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Formally, good is a substitute for good if, when the price of rises, the demand for rises. Let be the price of good . Then, is a substitute for if .
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  • Substitute good
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  • A substitute good is a good that can be used in place of another. In consumer theory, substitute goods or substitutes are goods that a consumer perceives as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Formally, good is a substitute for good if, when the price of rises, the demand for rises. Let be the price of good . Then, is a substitute for if . 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. Other examples of substitute goods include margarine and butter, tea and coffee, and beer and wine.
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