Other things constant, what effect will an increase in the price of beef have?
A) It will encourage consumers to buy more beef.
B) It will shift the demand curve for beef to the left.
C) It will shift the demand curve for beef to the right.
D) It will discourage consumers from buying as much beef.

Question

Quizplus · Accepted Answer

An increase in the price of beef will lead to a decrease in the quantity demanded of beef, as it becomes more expensive for consumers. This will discourage consumers from buying as much beef. Therefore, the correct answer is D.

Other Things Constant, What Effect Will an Increase in the Price