Suppose that the population of a country decreases.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

A decrease in population would likely lead to a decrease in demand for steak, as there are fewer people to consume it. This decrease in demand would, in turn, lead to a decrease in both the equilibrium quantity and the equilibrium price of steak in the market.

Suppose That the Population of a Country Decreases