A change in price, a product improvement, or a technological advancement can affect the demand for substitute products.

Question

Quizplus · Accepted Answer

These factors can make a product more attractive or less expensive compared to its substitutes, thereby affecting the demand for those substitute products. For example, if a technological advancement makes a product more efficient, consumers may prefer it over its substitutes, leading to a decrease in demand for those substitutes.

A Change in Price, a Product Improvement, or a Technological