APFIVE Substitution Effect and Consumer Choice
When the price of movie tickets increases, more consumers subscribe to streaming services. This change in consumer behavior best illustrates which of the following economic concepts?
A
Substitution effect as consumers choose a cheaper alternative
B
Normal goods experiencing an increase in demand due to higher prices
C
Income effect as consumers allocate their budget to other goods
D
Inferior goods experiencing a decrease in demand due to higher prices
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