Substitution Effect, from Yishen Kuik
Today's Wall Street Journal had the US auto sales report for June. Of the four categories for cars, all sizes posted negative YoY YTD sales except for "small", which defied the trend with +3.2%. Of the four categories for SUV, again "small" was the only category with positive YoY YTD sales at +36.7%.
Nice to see textbook substitution effect at work.