Beef Is a Normal Good

question 201

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 his or her longevity.
• D) The demand curve for beef must be positively sloped.

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