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 Appellate Body thus considered an examination of the competitive conditions in the market, and, in particular, the cross-price elasticity of demand in that market as a means of establishing whether products are 'directly competitive or substitutable'.
Moreover, Lee and Staelin (2000) show that a linear demand function involving substitutable products is indeed consistent with reasonable buyer behavior and market characteristics.
The lowest percentage of undermatching was observed for the butter/margarine combination of substitutable products (41%).
Nor are they substitutable.' (46) Shiff, Ergas and Landrigan correctly observe that `[t]o the extent that the judgment suggests that services must be substitutes to be included in a market, the decision is clearly erroneous.' (47) Moreover, the High Court appears to suggest that the proper definition of the market may have been different if `proved commercial perception' had treated the three services as part of the same market.
Thus, we can regard light (+ dissolved inorganic carbon) and bacteria as substitutable resources and accordingly draw a ZNGI and a consumption vector in a schematic resource plane [ILLUSTRATION FOR FIGURE 1 OMITTED].
If the demand for landfills were estimated as a conventional input demand equation, then it would be possible to statistically test whether landfills are substitutable with other inputs as well as include the estimated value for [[Sigma].sub.ij] when calculating [[Epsilon].sub.c] from [[Epsilon].sub.d].
* Low priced crude oil made substitutable virgin rubber and carbon black more cost competitive with reclaim.
I do suggest that, by biasing hospitals' internal resource allocation decisions in favor of depreciable and/or leasable assets vis-a-vis substitutable operating expenses, the resulting capital intensity increase reflects not only the greater acuity of the average inpatient, but also the fact that we have continued to reward hospitals that substitute capital for labor and supplies.
Treprostinil Injection is the first fully substitutable AB rated generic version of Remodulin (treprostinil) Injection sold by United Therapeutics Corporation.
The product, which utilizes the Antares Pharma VIBEX auto injector, has been approved as therapeutically equivalent and fully substitutable to the EpiPen at the pharmacy.
announced the launch of Vigadrone (vigabatrin) for Oral Solution, 500 mg, a fully substitutable, AA-rated generic version of Sabril powder for oral solution.