Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef.
B) leave demand for chicken, pork, and beef unchanged.
C) increase demand for chicken, pork, and beef.
D) increase quantity demanded of beef.

Question

Quizplus · Accepted Answer

When the price of a substitute (in this case, turkey) falls, consumers are more likely to purchase the substitute, leading to a reduction in demand for the other goods (chicken, pork, and beef) that serve as substitutes.

Assuming That Turkey, Chicken, Pork, and Beef Are Substitutes, Suppose