Meaning Substitution effect
What does Substitution effect mean? Here you find 6 meanings of the word Substitution effect. You can also add a definition of Substitution effect yourself
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Substitution effectThat portion of the effect of price on quantity demanded that reflects the changed tradeoff between the cost of the good and the costs of other alternatives. Contrasts with income effect.
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Substitution effectThe effect of substitution on the value of an index.
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Substitution effectOne of two reasons for law of demand and the negative slope of the market demand curve (the other is the income effect). The substitution effect occurs because a change in the price of a good makes it [..]
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Substitution effectDefinition A theory that states that purchasers of products or services will substitute to less expensive alternatives if either the price of their preferred product or service rises or if their incom [..]
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Substitution effectThe change in the quantity of a good demanded resulting from a change in its relative price, leaving aside any change in quantity demanded that can be attributable to the associated change in the cons [..]
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Substitution effectThe reaction of a consumer's demand for goods based on changes in relative prices holding purchasing power (or utility) constant (see Income Effect).
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