Substitution effect

In short: While the price of a good rises,other things remaining the same, it's opportunity cost rises. For the effect of substitution in that situation it's become stronger of switching to a substitute.

In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.

单词	Substitution effect
释义	Substitution effect 英语百科 Substitution effect In short: While the price of a good rises,other things remaining the same, it's opportunity cost rises. For the effect of substitution in that situation it's become stronger of switching to a substitute. In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.
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