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. When the price of a product or service increases but the buyer's income stays the same, the substitution effect generally kicks in.
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. When the price of a product or service increases but the buyer's income stays the same, the substitution effect generally kicks in.
Answers & Comments
Verified answer
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. When the price of a product or service increases but the buyer's income stays the same, the substitution effect generally kicks in.
Explanation:
mark me brainliest
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. When the price of a product or service increases but the buyer's income stays the same, the substitution effect generally kicks in.
Explanation:
I purple u army and bts