Which of the following would increase the demand for beef?
A) lower pork prices
B) higher consumer income
C) higher prices of feed grains used to feed beef cattle
D) an increase in the price of beef

Question

Quizplus · Accepted Answer

When consumers have higher income, they tend to spend more on food, including beef, which leads to an increase in demand for beef. Lower pork prices (A) could potentially reduce demand for beef as consumers may choose pork as a substitute. Higher prices of feed grains used to feed beef cattle (C) can increase the cost of production, which may result in a decrease in supply and an increase in prices of beef, but it does not necessarily increase demand. An increase in the price of beef (D) can lead to a decrease in demand, as consumers may choose to substitute with other less expensive meats or meat alternatives.

Which of the Following Would Increase the Demand for Beef