Which of the following is the most likely effect of higher chicken prices on the price and quantity purchased of beef, a substitute product?
A) The price of beef will increase, and the quantity purchased will fall.
B) The price of beef will fall, and the quantity purchased will increase.
C) The price of beef will increase, and the quantity purchased will increase.
D) The price of beef will fall, and the quantity purchased will fall.

Question

Quizplus · Accepted Answer

When the price of chicken, a substitute for beef, increases, consumers are likely to switch to beef, leading to an increase in both the price and quantity purchased of beef.

Which of the Following Is the Most Likely Effect of Higher