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Substitution Effect

Definition of 'Substitution Effect'

The Substitution Effect of a price change is the adjustment of demand to the relative price change alone.

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Related Terms

Diminishing Marginal Rate of Substitution Marginal Rate of Substitution Announcement Effect Income Effect Bankruptcy Beta Ungeared Clientele Effect Comparative Static Analysis Current Cost Accounting Earnings Dilution Efficiency Wages Excise Duty Gradualist Monetarists Natural Hedge Perfectly Competitive Market Repurchase Agreement Sensitivity Analysis Small Firm Effect Stakeholder

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