Suppose that the population of a country increases.Assuming that people in that country enjoy eating steak,we would predict that the equilibrium quantity of steak will ________ and the equilibrium price of steak will ________ in that country.

Question

Quizplus · Accepted Answer

An increase in population leads to an increase in demand for steak. As a result, the equilibrium quantity of steak will rise, as more people want it. This increase in demand will also lead to an increase in equilibrium price, as the producers will be willing to sell more at a higher price due to the increase in demand. Therefore, the answer is A, rise; rise.

Suppose That the Population of a Country Increases