... substitution effect and the income effect. 2/13 When oranges are getting more expensive, buyers may switch to apples or other fruits that substitute for orange and consume fewer oranges. This is the substitution effect. Moreover, the price increase reduces purchasing power and buyers cannot afford to buy as...

... The quantity demand is normally downward sloping with respect to price. This inverse relationship is attributed to the substitution effect and the income effect. When oranges are getting more expensive, buyers may switch to apples or other fruits that substitute for orange and consume fewer oranges....

... the y-axis. The quantity demand is normally downward sloping with respect to price. This inverse relationship is attributed to the substitution effect and the income effect. 2/13 When oranges are getting more expensive, buyers may switch to apples or other fruits that substitute for orange and consume...