When the price of good changes (decreases), it becomes less expensive which allows consumers to increase their satisfaction (purchase) for that good. Just the opposite happens when the price of a good changes increases. When the price of a good changes (increases), it become more expensive which changes the consumer satisfaction for that good causing the consumer to seek a substitution. This concept is the substitution effect of the price change. In this discussion forum, identify a consumer product that has decreased in price and discuss the increase in consumer demand for this product. What have consumer substituted because of this decrease in price.
Must be in APA format with a minimum of 250 words. Please make sure to include actual page numbers of citations in In-text References. Also, provide links to references.
