In economics, the determinant of demand that this scenario fall under , when you go for chips ahoy because Oreo cookies are now extremely expensive is Change in Price of Substitute Good.
What is Substitute Good?
A substitute good can be regarded as product or service that is been used as alternative for other goods.
It should be When the price of a substitute good rise, then demand for the other substitute as well will rise.
- This is referred to as positive cross price elasticity.
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