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Open it 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.
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Substitution Effect Definition onomics Global Trade Guide Microeconomics Macroeconomics Behavioral Economics Economics Macroeconomics Substitution Effect By Jim Chappelow Updated Jul 14, 2019 What Is the Substitution Effect? <span>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. A product may lose market share for many reasons, but the substitution effect is purely a reflection of frugality. If a brand raises its price, some consumers will select a cheaper alte
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