As a component of real estate value, the principle of substitution states that
a. If two similar properties are for sale, a buyer will purchase the cheaper of the two.
b. If one of two adjacent homes is more valuable, the price of the other home will tend to rise.
c. If too many properties are built in a market, the prices will tend to go down.
d. People will readily move to another home if it is of equal value.
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