What is the substitution effect? - ProProfs Discuss
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What is the substitution effect?



A. The increased benefit consumers get from using different brands of the same product rather than being loyal to one
B. The reduced satisfaction consumers get from using a second or third unit of a product
C. A switch to more expensive, higher quality products when income increases
D. A change in the amount of a product consumers buy because they buy other similar goods

This question is part of Chapter 4: Demand
Asked by Slevaque, Last updated: Jun 27, 2020

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slevaque

Slevaque

Answered Mar 23, 2018

A change in the amount of a product consumers buy because they buy other similar goods
 

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