The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen.In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________.
A)increasing; increasing or decreasing
B)increasing or decreasing; decreasing
C)decreasing; increasing or decreasing
D)increasing or decreasing; increasing

Question

Quizplus · Accepted Answer

The cost increase shifts the supply curve left, raising prices, while decreased demand shifts the demand curve left, lowering prices. The equilibrium quantity decreases due to both shifts.

The Cost of Raising Beef Cattle Has Risen at the Same