which of the following would cause an increase in the demand for beef?\na. an increase in the number of…
which of the following would cause an increase in the demand for beef?\na. an increase in the number of firms in the market.\nb. an increase in the price of fish, a substitute for beef.\nc. a decrease in the price of beef.\nd. a decrease in consumer incomes (beef is a normal good).
Answer
Brief Explanations:
When the price of a substitute (fish) increases, consumers will shift their demand towards the alternative good (beef), increasing beef's demand. An increase in the number of firms affects supply, not demand. A decrease in beef's price causes a movement along the demand - curve, not a shift in demand. A decrease in consumer incomes for a normal good reduces demand.
Answer:
B. An increase in the price of fish, a substitute for beef.