17. A ______________ is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.(1 point)
Responses
market
market
substitute
substitute
sale
sale
price point
substitute
The correct answer is "substitute." A substitute is an equivalent or comparable good or service that can drop demand for the original good or service, which in turn can lower prices over time.
The correct answer is "substitute."
To get the answer, we can break down the question and analyze the options:
1. Market: While a market can influence prices, it does not directly refer to a comparable good or service that can affect demand and prices.
2. Substitute: This option fits the description provided in the question. A substitute refers to a product or service that can be used instead of another due to its similar functions or benefits. When consumers have alternative options, it can reduce the demand for the original product or service and potentially lower prices over time.
3. Sale: This option refers to a transaction or event where goods or services are sold at a discounted price. While sales can influence prices in the short term, they do not necessarily involve a comparable substitute.
4. Price point: This term refers to the specific price at which a product or service is set. While it is related to pricing, it does not encompass the concept of substitutes.
Therefore, the correct answer is "substitute."