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.

---

Definitions:

Indorser

A person or entity that transfers rights of a negotiable instrument to another party by signing the back of the document.

Instrument

An instrument is a tool or device, especially one used for precise work or scientific measurement.

Alternative

Another option or choice available to parties in a situation, often considered when the primary option is not feasible or desirable.

Joint Payee

Involves two or more parties being named on a financial instrument or payment, requiring endorsement or agreement from all named before processing.