The substitution effect describes which of the following?

The substitution effect specifically refers to how a change in the price of a good influences consumer behavior, particularly in terms of shifting preferences toward that good when its price becomes relatively lower compared to alternatives. When the price of a good falls, it becomes more attractive to consumers compared to other goods that have remained at a higher price, leading to an increase in the quantity demanded of that good. This principle is grounded in the idea that consumers will seek to maximize their utility by purchasing more of the good that offers them the best value relative to others.

This phenomenon illustrates how price changes can influence purchasing decisions, as consumers adjust their consumption patterns to take advantage of lower prices, thereby increasing the quantity they buy of that specific good.