A local, high-end restaurant in a Louisiana city had always done great business. However, things began to change when a steakhou
se chain opened up a location nearby. The steakhouse had a famous name known around the country. It also offered meals at cheaper prices. Customers soon lined up to try it out, and the local restaurant began to lose business. Which statement best explains the change in demand for the local restaurant?
The number of consumers in the market increased.
The price of a complementary service had decreased.
The individual preferences and tastes of consumers changed.
A competitor offered a substitute service at a more attractive price.
