When the price of a car model tino planned to buy rose he bought a different brand instead. which economic principle does this demonstrate

The substitution effect

Explanation:

Based on the definition of the demand law, that states that when the price goes high, the demand for the product in the market reduces, the substitution effect applies in this case.

Consumers always prefer products worth of their price. So if a particular product shifts in price, consumers are likely to find a substitute of the similar product. Income also had an effect. When the product increases its price, the quantity that consumers purchase decreases and the consumption of expensive product reduces.

most people were factory or company owners.