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Substitution effect (view source)

Revision as of 22:16, February 17, 2007

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The substitution effect consists of consumers choosing to buy a different good based on a better price. For example, a decrease in the price of chicken may cause consumers to buy it instead of beef.

Central to the concept of the substitution effect is a downward slowing [[demand curve]] (i.e., lower price means greater demand) and the existence of [[substitute goods]].
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