In day to day life,we can see that , when ever we go to market , a product's price increases in every next visit.
And when we consumers have alternate product of same quality , we switch to that product because we can get same product in lesser price.
For example - cosmetic product -Huda Beauty.
If a person is a regular customer of Huda Beauty , and suddenly she founds that there is a rise in price of that product.
Then the Consumer switches on to Lakme product because the consumer is getting same quality product with lesser price.
Here, we can see that, A small amount of rise in price affected the demand of that product because of substitute goods.
