4 ms·
As a consumer, I would absolutely replace some of the consumables I buy with perfect substitutes if I liked them. This is exactly what economists assume.
by hervature 8y ago
As a consumer, I would absolutely replace some of the consumables I buy with perfect substitutes if I liked them.
This is exactly what economists assume.
- taneq 8y ago"If I liked them" is a much lower bar than "perfect substitute".
- dane-pgp 8y agoAnd there's possibly an "even if they were more expensive" dimension to such a claim too.
- hervature 8y agoI'll give you that, but if you look at the price of Beyond Burgers and a gourmet burger at the grocery store, they are equivalent. Also to your parent, likeability is orthogonal to being a substitute. You may much prefer Ferrari (or even horse for that matter) to your Toyota, that doesn't mean you would replace it.
- grenoire 8y agoThe economic definition of a perfect substitute is less about the literal definition of the phrase, but more about the way in which OP substituted it in (ha!)