Substitute Goods: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which is the best explanation of substitute goods?

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1. What is the law of demand?

2. What's the best explanation of price elasticity of demand?

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About This Quiz & Worksheet

This quiz and worksheet combo help you assess your understanding of substitute goods and cross elasticity of demand. You will be quizzed on the law of demand and examples of substitute goods.

Quiz & Worksheet Goals

Use this quiz and worksheet to review:

  • The law of demand
  • Explanation for substitute goods
  • Price elasticity of demand
  • Cross elasticity of demand
  • The substitution effect

Skills Practiced

Use this quiz and worksheet combo to test out the following skills:

  • Information recall - access the knowledge you have gained regarding the law of demand
  • Knowledge application - use your knowledge to answer questions about substitute goods and characteristics they possess
  • Interpreting information - verify that you can read information regarding price elasticity of demand and interpret it correctly

Additional Learning

To learn more about substitute goods, review the corresponding lesson Substitute Goods: Definition & Examples. This lesson will help you:

  • Determine what substitute goods are
  • Identify what the law of demand states
  • Examine the substation effect process
  • Compare and contrast price elasticity of demand and cross elasticity of demand
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