After a good falls in price, consumers will tend to buy more of the good that has become cheaper and less of those goods that are now relatively more expensive. This fact is called:

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The fact described is the substitution effect, where consumers substitute the now cheaper good for other goods that are now relatively more expensive. The income effect refers to the change in purchasing power due to changes in income, the wealth effect refers to changes in consumer spending due to changes in wealth or assets, and the price effect is not a commonly used term in economics.

After a Good Falls in Price, Consumers Will Tend to Buy