Can you define substitutes in economics and explain how they impact consumer behavior and market dynamics?

Substitutes in economics are products or services that can be used in place of each other. When substitutes are available, consumers have more options and can switch between products based on price, quality, or other factors. This can impact consumer behavior by influencing their purchasing decisions and creating competition in the market, which can lead to lower prices and increased innovation. Market dynamics are also affected as the availability of substitutes can change demand for certain products and impact the overall equilibrium in the market.