Question

What is substitution effect ?​

Answer 1

Answer:

The substitution effect is the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises. ... If a brand raises its price, some consumers will select a cheaper alternative. If beef prices rise, many consumers will eat more chicken.

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Answer 2

Answer:

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The substitution effect is the effect on demand of a price change caused by a switch to, or away from, a cheaper or more expensive alternative.