Answer:
The substitution effect refers to a concept in economics that interprets why a consumer increased, reduced, or stopped buying a certain product when its price increased or decreased compared to its substitutes. The intensity of the effect depends on how close the substitutes are.
One example is that consumers who are used to soy milk may switch to cow milk if the price of soy milk increases abruptly. Conversely, they may return to soy milk consumption later if the price drops. This kind of switching practice changing the consumer spending pattern is easy when substitute products
are common