Substitution effect/Definition: Difference between revisions
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imported>Nick Gardner (New page: The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute.) |
imported>Chris Day No edit summary |
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The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute. | The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute. | ||
Latest revision as of 23:30, 22 May 2008
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Substitution effect [r]: The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute.