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Homework answers / question archive / For consumers, hot dogs and burgers are substitutes
For consumers, hot dogs and burgers are substitutes.
If the price of a hot dog decreases, what will happen to the demand for burgers?
By definition, two goods are substitutes if the demand for one good falls (increases) when the price of the other good falls (increases). In this example, if the price of a hot dog decreases, people will switch from burgers to hot dogs. Therefore, the demand for hot dogs will fall.
