Reflect on your past purchases and select one where the product or service experienced a change in price, either up or down. You could choose, for example, gasoline, takeout food, smartphones, clothing, movies, or another product or service. How did you respond to the price change? What factors influenced your decision? Was the price change only for the brand of the product you purchased or for all brands of the product? Were you able to find alternatives or close substitutes? Did your decision affect the purchases of other products and services?

What might happen if the price of that product or service fell or rose?

Identify complements to and substitutes for the product or service you identified. How do these other products or services influence your purchasing decisions?