When the price of a product rises,consumers with a given money income shift their purchases to other products whose prices are now relatively lower.This statement describes:

A) an inferior good.
B) the rationing function of prices.
C) the substitution effect.
D) the income effect.

Substitution Effect

The economic principle referring to the change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute more expensive items with cheaper alternatives.

Product Rises

This term seems unclear or incomplete. If referring to a situation where the price or demand for a product increases, there is no single term that universally describes this scenario as "Product Rises." NO.