PRC-3 · Chapter 10 · Question 23 of 70
Beef and chicken are substitute meats. If a viral disease severely reduces the chicken population, causing the price of chicken to triple, what will happen in the beef market?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) The demand for beef will shift to the right
Explanation
As chicken becomes highly expensive, consumers will substitute away from chicken and buy more beef instead, increasing the overall demand for beef.
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