ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Curve shifts right, price goes up
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Curve shifts left, price goes down
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Curve shifts right, price goes down
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Curve shifts left, price goes up
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Detailed explanation-1: -Changes in beef price or the quantity of beef consumed do not cause the beef demand curve to shift. Rather, changes in other factors, such as prices of competing meats (e.g., pork or poultry), demographics (e.g., income, age distribution, etc.), or health or food safety concerns cause the beef demand curve to shift.
Detailed explanation-2: -An increase in demand for beef will shift the demand curve of beef towards the right raising both equilibrium price and quantity of beef.
Detailed explanation-3: -Answer and Explanation: The correct answer is B. a reduction in the price of cattle feed. Explanation: all the factors given in the case mentioned above will shift the demand if beef except reduction is the price of cattle feed.
Detailed explanation-4: -An increase in consumer demand for beef leads to a rightward shift of the demand curve. In other words, at any given price point, more consumers are willing to buy beef.