["The Journal of Industrial Economics, Volume 74, Issue 1, Page 48-59, March 2026. ", "\nABSTRACT\nI construct a consumer search model with demand‐side heterogeneity, in which some consumers search for a single product while others search for multiple products. I show that a positive demand shock to one product induces firms to increase that product's price while decreasing the other product's price, and the latter effect is greater than the former one. Such a price adjustment is strengthened if a demand shock to one product negatively affects the other product's demand. By contrast, if a positive demand shock affects both products, it decreases both prices, providing a rational explanation for price falls during demand peaks.\n"]