This situation is an example of a substitution effect.
What are the examples of substitution in economics?
This means that as the price of a product rises, so does the demand for alternatives increases. For example, coffee is a substitute for tea, and solar power is a substitute for electricity. As the price of the espresso is going up, the call for tea goes up, too, and vice versa.
The substitution effect in microeconomics describes the exchange within the purchased in relation to the exchange of price in related goods. The substitution effect of Hick is two numerous definitions that explain the concept.
For more information on the substitution effect, see https: //brainly.com/question/1319399
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