Question

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

Answer 1

For Edmentum/Plato users, the correct answer is:

A. buying cheaper alternatives when a product becomes expensive

Answer 2

the answer is d

Step-by-step explanation: