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ladessa [460]
3 years ago
11

Which statement describes the substitution effect?

Social Studies
2 answers:
Vilka [71]3 years ago
6 0
As the price of goods rises, people will substitute other products.

Zina [86]3 years ago
5 0

The correct answer is: "As the price of a good rises, people will substitute other products".

The substitution effect (SE) is derived from a product's price variation, together with the income effect (IE).

If the price of a product rises, demand of the product decreases (law of demand) because consumers will switch and demand a substitute good instead, as such goods would allow them to satisfy the same individual need of preference (that is the ultimate objective when making a purchase).

For example, if the price of orange juice rises, some consumers will not be willing to pay the new price and will prefer to consume cheaper peach juice, that satisfies the same need.  

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What were Ellis & Angel Islands?
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Answer:

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Explanation:

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2 years ago
Who said that people could use reason to become better christians and to improve the church?
mafiozo [28]

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Read 2 more answers
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hjlf

Answer: self believe

Explanation:

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3 years ago
Daniel Bell views post-industrial societies as consensual, because he believes that post-industrial societies are characterized
Elina [12.6K]

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3 years ago
According to jean piaget, the ability to understand things from a different perspective does not take place until the:
erik [133]
This doesn't occur before the formal operational stage.
According to Jean Piaget, a Swiss psychologist, every person goes through 4 developmental stages: 
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- preoperational: 24 months - age 7
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- formal operational: adolescence - adulthood
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3 years ago
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