Beef Is a Normal Good

question 150

Multiple Choice

Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time. Which of the following explanations would be most consistent with this observation?

• A)Consumers have experienced an increase in income, and beef-production technology has improved.
• B)The price of chicken has risen, and the price of steak sauce has fallen.
• C)New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.
• D)The demand curve for beef must be positively sloped.

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