Question
Suppose the price of beef increases significantly. Ceteris paribus, what will happen in the market for chicken (a substitute for beef)? A.The demand for chicken
Suppose the price of beef increases significantly. Ceteris paribus, what will happen in the market for chicken (a substitute for beef)?
A.The demand for chicken will increase and the equilibrium price and quantity of chickens sold will both decrease.
B.The demand for chicken will increase and the equilibrium price will increase, but equilibrium quantity of chicken sold will decrease.
C.The demand for chicken will increase and the equilibrium price and quantity of chickens sold will both increase.
D.The supply of chicken will decrease, the equilibrium price of chicken will increase, but the equilibrium quantity of chickens sold will decrease.
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