Products whose demand rises when another product’s price increases are called substitute goods.
Law of Demand
It is the most fundamental concepts of Economy. The law of demand suggest that when price of goods increases demands decreases, and when price of goods decreases demand increases. This law is based on diminshing marginal utility.
That is why when price of a product rises, the demand for another product with same features increase, this is known as substitute goods. For example when one seller increases the price of particular smartphone, buyers shift to another company which is selling the same product at less price, this is known as Substitution.
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