In micro economics, when a substitute reduces in cost and increases in quality, we see a substitution effect [0] (amusingly, coined by economist Eugen Slutsky), i.e. people switch away from the relatively expensive good…
In micro economics, when a substitute reduces in cost and increases in quality, we see a substitution effect [0] (amusingly, coined by economist Eugen Slutsky), i.e. people switch away from the relatively expensive good…