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Can a good be both a complement and a substitute at the same time? If so,...

  1. Can a good be both a complement and a substitute at the same time? If so, provide an example. If not, explain why.
  2. Within a laissez faire system, the government should only perform those activities that the private sector of the economy is incapable of? What kinds of activities do you think the government ought to legitimately perform in a laissez faire system?

NO TEA AND COFFEE EXAMPLES PLZ

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Answer #1

As price of anygood shall increase, the quantity demanded for its substitute will increase while that of complement good will decrease and hence there cannot be complement and substitute of product to be same.

Since in laissez faire system there is absence of regulation between two pruvate entities, making transactions more difficult. Hence government must perform rhose activities where private players dont have potential or are at risk to nation. Activities like pricing of drugs and healthcare policies implementation must be managed by government to avoid price surges, unfair treatment and lack of ethical action.

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