SUBSTITUTE-IN-PRODUCTION: One of two goods that can replace each other in production--that is, using resources to produce one good prevents their use in the other. A substitute good is one of two alternatives falling within the other prices determinant of supply. The other is complement-in-production. An increase in the price of one substitute-in-production causes a decrease in supply of the other. See also | supply | other prices | production | supply curve | supply determinants | supply shock | comparative statics | substitute-in-consumption | elasticity |
