Question

select the correct answer. 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

Explanation:

The substitution effect in economics is about consumers switching to cheaper alternatives when a product's price rises.

Answer:

A. buying cheaper alternatives when a product becomes expensive