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Substitution Effect
General scientific definition
"The decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises." (Investopedia, https://www.investopedia.com/terms/s/substitution-effect.asp)
Together with the Income effect it creates the 'price effect'.
Relevant substantive theories
Microeconomics
Consumer choice theory
Sources
Any handbook on microeconomics
https://www.investopedia.com/terms/s/substitution-effect.asp
Examples
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