Refer to the Above Graph, Which Shows the Market for Beef

question 4

Multiple Choice

Refer to the above graph, which shows the market for beef where demand shifted from D₁ and D₂. The change in equilibrium from E₁ to E₂ is most likely to result from:

• A) A decrease in consumer incomes
• B) An increase in the cost of cattle feed
• C) An increase in the price of pork
• D) A decrease in the tax on beef products

---

Definitions:

Labour Costs

The total expenses associated with employing labor, including wages, benefits, payroll taxes, and other related costs.

Differential Piece Rate

A compensation rate under which employees whose production exceeds the standard amount of output receive a higher rate for all of their work than the rate paid to those who do not exceed the standard amount

Production Exceeds

The scenario where the output or manufacturing volume surpasses the expected or planned thresholds.

Standard Level

A predefined benchmark or norm that establishes expected performance, quality, or outcomes within an organization or industry.