Beef Is a Normal Good and People's Incomes Fall

question 325

Multiple Choice

Beef is a normal good and people's incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in

• A) an increase in the equilibrium quantity of beef.
• B) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve.
• C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve.
• D) no change in the equilibrium quantity of beef.

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Definitions:

Electronic Media

Forms of media that utilize electronics or electromechanical energy for the end-user to access the content, including television, radio, and internet-based media.

Demographic Variables

Variables that are used to classify the characteristics of human populations, such as age, gender, income level, education, and ethnicity.

Socioeconomic Background

The social and economic circumstances in which a person is raised, including factors such as income, education, and occupation.

Race

A social construct used to categorize humans into large and distinct populations based on heritable physical traits, shared ancestry, or historical affiliations.