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

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23 February, 08:41

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Carissa Gross · Answer 1

The phrase that describes the substitution effect is A) buying cheaper alternatives when a product becomes expensive.