Which statement describes the substitution effect? As demand falls, people will substitute other products. As the price of a good rises, people will substitute other products. As demand rises, peop

Which statement describes the substitution effect?

As demand falls, people will substitute other products.

As the price of a good rises, people will substitute other products.

As demand rises, people will substitute other products.

As the price of a good falls, people will substitute other products.

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