When consumers purchase alternative products as a result of a change in the price of an original product, this illustrates
- the income effect.
- the marginal effect.
- the substitution effect.
- the demand effect.
Question & Answer
When consumers purchase alternative products as a result of a change in the price of an original product, this illustrates
2 Answers
Verified archiveWhen consumers purchase alternative products as a result of a change in the price of an original product, this illustrates:
the substitution effect.
the substitution effect.