11. The reduced price alters relative prices in favour of commodity X, known as the substitution effect . 12. Any good where the income effect more than compensates for the substitution effect is a Giffen good. 13. Then the income effect from the rise in purchasing power from a price fall reinforces the substitution effect . 14. There is also a substitution effect . 15. It never quite gets to the end of any, thanks to the dynamics of price and substitution effects . 16. For example, we can safely make assumptions about demographic shifts and, perhaps, substitution effects for certain new technologies. 17. The study dealt namely with two common forces of demand that shaped the market : reinforcement and substitution effects . 18. The Income and Substitution effects of a wage increase " The Income and Substitution effects of a wage increase" 19. The first term on the right-hand side represents the substitution effect , and the second term represents the income effect. 20. A parallel effect will happen for cost saving efficient technologies for producers, where output and substitution effects will occur.
