With a given upward- sloping supply curve for sirloin steak (a normal good), a rise in household income will cause the

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With a normal good, a rise in household income will lead to an increase in demand for sirloin steak, causing a shift in the demand curve to the right. This leads to a new equilibrium where both the price and quantity of sirloin steak increase. The upward-sloping supply curve indicates that as the quantity of sirloin steak produced increases, so does its price. Therefore, an increase in demand will lead to a higher equilibrium price and a higher equilibrium quantity.

With a Given Upward- Sloping Supply Curve for Sirloin Steak