Which phrase describes the substitution effect?

A.) buying cheaper alternatives when a product becomes expensive

B.) replacing existing producers in a market with new producers

C.) replacing existing products in a market with higher-quality products

D.) substituting existing technology with a new technology to produce more goods

Question

Quentin

1 April, 04:40

+4

Answers (1)

Know the Answer?

Leslie · Answer 1

The phrase that describes the substitution effect is A) buying cheaper alternatives when a product becomes expensive.