Jeff is a hockey player who uses hockey sticks manufactured by Teal Inc.Teal increases the price of hockey sticks, so Jeff switches to another brand offering the same quality of hockey sticks at a lower price.This change in brand is an example of the:

Question

Quizplus · Accepted Answer

The substitution effect refers to the phenomenon where consumers switch to a similar product offered at a lower price when the price of a preferred product increases. In this case, Jeff switched to another brand offering the same quality of hockey sticks at a lower price when Teal Inc. increased the price of their hockey sticks.

Jeff Is a Hockey Player Who Uses Hockey Sticks Manufactured