Given that chicken and beef are substitute goods, if the price of chicken decreases substantially, there would be:

Question

Quizplus · Accepted Answer

According to the law of demand, as the price of chicken decreases, the quantity of chicken demanded increases while the quantity of beef demanded decreases. Since chicken and beef are substitute goods, consumers will switch from beef to chicken as chicken becomes relatively cheaper. Therefore, there would be a decrease in the demand for beef.

Given That Chicken and Beef Are Substitute Goods, If the Price