Final answer:
The principle stating that less expensive commodities with similar uses are in higher demand is known as the principle of substitution.
Step-by-step explanation:
The principle that states that when several commodities, products, or services offer or provide the same basic uses, then the one priced the lowest will be in the most demand, and consequently, receive the widest distribution is B.) The principle of substitution.
This economic principle suggests that consumers will replace costlier items with similar, less expensive alternatives. This concept is closely related to the law of demand, which holds that, ceteris paribus, the quantity demanded of a good falls when the price of the good rises, and vice versa.
It reflects the inclination of individuals or the market to gravitate toward lower-priced goods when the utility or satisfaction offered by competing products or services is roughly equivalent.