Economy, asked by rohan346644, 3 months ago

Explain the effect of change in price of substitute goods on supply curve ?

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Answered by Speedy75

Answer:

The substitution effect refers to the change in demand for a good as a result of a change in the relative price of the good compared to that of other substitute goods. For example, when the price of a good rises, it becomes more expensive relative to other goods in the market.

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