| 单词 | substitution effect |
| 释义 | substitution effect The part of the effect of a price change on demand due to the change in relative prices, assuming that the consumer is compensated sufficiently to remain at the same level of utility. The substitution effect is contrasted with the income effect, which is the effect on demand of the change in real income caused by the price change, holding relative prices constant. The substitution effect of a fall in price is always non-negative, and is positive whenever any substitution is possible, whereas while the income effect of a fall in price is normally positive, it can be negative for an inferior good. See also: income effect |
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