If the price of beef goes up then many consumers will substitute chicken for their meat purchase.

Name: If the price of beef goes up then many consumers will substitute chicken for their meat purchase.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is because when the price of one good (beef) increases, consumers tend to look for a substitute (chicken) that can provide a similar utility at a lower price. This is called the substitution effect, which is a basic economic principle.

If the Price of Beef Goes Up Then Many Consumers