Which of the following would likely result in an increase in the demand for beef?
A. A decrease in the supply of beef
B. An increase in family incomes
C. An increase in the price of feed grains for cattle
D. A decrease in the price of pork
Answer:B
Which of the following would likely result in an increase in the demand for beef?
A. A decrease in the supply of beef B. An increase in family incomes C. An increase in the price of feed grains for cattle D. A decrease in the price of pork
Explanation: A decrease in the supply of beef would result in a movement along a demand curve as the market price of beef rises. An increase in family incomes would increase the demand for beef. An increase in the price of feed grains would shift the supply curve for beef to the left, resulting in higher market price for beef and a movement along the demand curve for beef. A decrease in the price of pork would decrease the demand for beef.