In 2007 Nike reduced the price of its running shoes by 20 percent. As a result,the substitution effect caused

Name: In 2007 Nike reduced the price of its running shoes by 20 percent. As a result,the substitution effect caused
Brand: Quizplus
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The substitution effect occurs when consumers switch from a relatively more expensive product to a cheaper alternative. By reducing the price of its running shoes, Nike made them more attractive compared to competitors like Adidas, leading people to buy more Nikes.

In 2007 Nike Reduced the Price of Its Running Shoes