Jeff is a hockey player who uses hockey sticks manufactured by a particular company.The manufacturing company decides to increase the price of hockey sticks, so Jeff switches to another company offering similar quality hockey sticks at a lower price.This is an example of the:

Question

Quizplus · Accepted Answer

The substitution effect occurs when consumers switch from a more expensive product to a less expensive one that serves a similar purpose, as Jeff did by choosing a different company's hockey sticks.

Jeff Is a Hockey Player Who Uses Hockey Sticks Manufactured