substitution effect

Definitions

General Science

  • noun the effect on the environment of substituting one form of action for another

Economics

  • noun the extent to which consumers will change from one product to another when the price of the former rises

Health Economics

  • (written as Substitution Effect)
    The effect on the demand for a good or service of a change in its relative price, holding real income constant, and ceteris paribus.
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