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Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs
Chapter 4, Problem Problems and Applications 4.9(choose chapter or problem)
QUESTION:
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, what happens to the market for ketchup? For tomatoes? For tomato juice? For orange juice?
Questions & Answers
QUESTION:
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, what happens to the market for ketchup? For tomatoes? For tomato juice? For orange juice?
ANSWER:Step 1 of 2
Complementary goods are goods that are used jointly. The demand for such goods depends upon the price of the other goods, that is, the price of its complementary goods.