Difference between revisions of "Substitution effect"

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Revision as of 22:16, February 17, 2007 (view source) Aschlafly (talk \| contribs)		Latest revision as of 00:47, April 3, 2007 (view source) Pkoad (talk \| contribs) (Redirecting to Substitution Effect)
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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.~~	+	#REDIRECT [[Substitution Effect]]
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−	~~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]].~~