Question

which is not a pair of substitute goods?
o bread and butter
o bread and bagels
o butter and plant butter
o butter and margarine
check answer
which is not fungible?
o money
o potatoes
o gasoline
o sneakers
check answer
which has the most inelastic demand?
o electricity
o detergent
o food
o gasoline

Explanation:

1. Substitute goods are those that can be used in place of each other. Bread and butter are complementary goods (used together), not substitutes. Bread and bagels are substitutes as they are both types of baked - goods for similar uses. Butter, plant butter, and margarine are substitutes as they are all spreads.
2. Fungible items are interchangeable with other items of the same type. Money, potatoes, and gasoline are fungible as one unit can be replaced by another of the same value or type. Sneakers can have different brands, styles, and qualities, so they are not fungible in the same sense.
3. Inelastic demand means that a change in price has a relatively small effect on the quantity demanded. Electricity is a necessity for most households and industries, and there are few substitutes in the short - term, so it has very inelastic demand compared to detergent, food (which has many types and substitutes), and gasoline (which has some alternatives like public transport).

Answer:

1. bread and butter
2. sneakers
3. electricity