Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise.In the market for beef,this would be represented by the equilibrium price ________ and the equilibrium quantity ________.
A)increasing;increasing or decreasing
B)decreasing;increasing or decreasing
C)increasing or decreasing;increasing
D)increasing or decreasing;decreasing

Question

Quizplus · Accepted Answer

When consumer preference for beef rises, demand increases, leading to a higher equilibrium price. Simultaneously, if the cost of raising beef rises, supply decreases, which also pushes the price up. The equilibrium quantity could increase or decrease depending on the relative shifts in demand and supply.

Suppose Consumer Preference for Beef Starts to Rise While the Cost