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Products related in such a way that an increase in the price of one reduces the demand for the other are Complements.

What are Complements?

A good that complements another by adding value to it is called a complementary good. They are therefore two products that the consumer utilizes in tandem.

Taking cereal and milk or a DVD and a DVD player as examples. When a complementary good is necessary, as, with gasoline and an automobile, that situation arises. A supplementary good, however, might enhance the value of the first product. Take pancakes and maple syrup as one example.

A good is considered complementary if its usage is connected to that of an associated or paired item. If using more of good A necessitates using more of good B, then two goods (A and B) are complimentary.

To learn more about Complements, refer to:

https://brainly.com/question/10423146

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