What are Complementary Products?
- Products that complement another product
- These products simultaneously increase in demand as the product it complements also see’s an increase in demand
Life Application/Analogy
Imagine the price of bread decreases across Lakeview county. Lakeview residents will rush to purchase the bread, but they will also buy products to use on the bread. These are items like peanut butter, jam, and mayonnaise.
The Biggest Example of Substitute Products in the Real World
- McDonald’s → Burger King
- Coke → Pepsi
- iPhone → Samsung Galaxy
- Playstation → Xbox
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