substitute

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Substitute

A good or service that satisfies a consumer's needs or desires just as well or almost as well as a similar good or service. A common type of substitute is an off-brand product; for example, a grocery store may sell its own peanut butter to compete with the on-brand peanut butter it also sells. Often, though not always, the price of a substitute is lower than that of the original product, but they follow generally the same trends. For example, if demand for the on-brand peanut butter rises, its price increases, but so does the price of the off-brand peanut butter, because consumers are willing to pay more for peanut butter generally, but are still looking for a bargain.

substitute

See swap.
References in periodicals archive ?
The extension of substitutability concept to nonbioequivalent EQ drugs (introduced by Anvisa's RDC 58/2014) (1) not only loosened safety standards for drug interchangeability but also, what is worse, overlooked the marked health risks posed by switching critical dose drug products which are not bioequivalent.
The key is that goods in the same sector exhibit strategic substitutability and goods across sectors (or agreements) are strategically independent.
If capital-labour substitutability increases dramatically, wages may fall a lot.
We find from this sample that there is still a significant degree of imperfect substitutability between assets and, therefore, the return of bonds to the market would be expected to place downward pressure on prices and upward pressure on yields, equating to a monetary tightening.
While complementarity at the hourly level can indicate some inertial habit behavior (just like the textbook habit of consuming sugar and coffee), we find interesting that there is an increase of substitutability, hinting that there may have started some learning behavior, more attentive to hourly price variability.
It was expected that downward-sloping demand curves would be observed, suggesting that as prices go up, less is purchased, and to suggest substitutability between the brands.
In the case of imperfect substitutability, migration can produce price effects.
Specifically, the paper answers two questions from a demand analysis: (i) Do prices of VL care determine the utilization of IP and OP care?; and (ii) Is there substitutability of OP care for IP care of VL?
After 5 lines beginning with "The," introducing nearly metaphorically the metonymic aspirations of the poem, its telling of "glories strung like beads on my smallest sights and hearings," the sixth line adumbrates the next anaphoric chain by starting "The others" and, after asserting a "tie" between temporally isolated others, the stanza ends with that very word "others" on the right margin only to have the poem "cross" the whitespace to find the same word waiting for it on the left, where it will, just like "The," serve as a formal device for introducing the available sites of percepts of place, what Bertrand Russell would later call "sensibilia," or "unsensed sense-data"; the anaphora will then model the substitutability of persons capable of pursuing those percepts.
The size, global activity and substitutability categories are given lower weights because risk diversification benefits go in tandem with greater size of traditional insurance activities and global spread, and substitutability is typically met with the speed with which loss of insurance capacity is replaced by new entrants into the market, according to the IAIS
This paper compares and contrasts price and quantity competition strategies in these decentralized SCs, and studies how the differences between the two strategies change with the degree of substitutability.
Next, Section 5 defines different notions of substitutability that we believe are adequate for component replacement under behavioural adaptation.