Understanding Complementary Goods
Complementary goods are products often used in conjunction. They enhance each other's value. For instance, a cricket bat and ball are complementary goods. The cost of one impacts the demand for both. If one gets pricier, the demand for both drops and vice versa.
Further Explanation of Complementary Goods
Complementary goods are items with a positive relationship, typically consumed or used together, like a mobile phone and its cover. They increase the overall value when combined. If the price of one rises, the demand for both decreases, due to consumer avoidance of pricier goods, thus reducing the market price for both items.