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What are the 5 differences between substitute goods and complementary goods?

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Detailed Solution

BasisSubstitute GoodsComplementary Goods
1. MeaningGoods that can replace each other in use.Goods that are used together.
2. Relation of DemandIf the price of one rises, demand for its substitute increases.If the price of one rises, demand for its complement decreases.
3. ExamplesTea and coffee, Pepsi and Coke, Butter and margarine.Car and petrol, Pen and ink, Shoes and socks.
4. Nature of RelationshipHave a competitive relationship.Have a joint/associated relationship.
5. Consumer ChoiceConsumers buy one in place of the other.Consumers usually buy both together.
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