Question

.assume that corn is an input in the production of beef but not in the production of pork. further, beef and pork are substitutes. a decrease in the price of corn will: a. increase the supply of beef and increase the demand for pork b. decrease the supply of beef and increase the demand for pork c. decrease the supply of beef and decrease the demand for pork d. increase the supply of beef and decrease the demand for pork

Answer 1

So the option D (increase the supply of beef and decrease the demand for pork) is the correct answer.

Production of Beef and Pork

In 2021, the United States generated 28.06 billion pounds of beef and 27.7 billions pounds of pork, respectively. It was the highest amount of beef and second highest amount of pork ever produced in the USA. Only three times has the USA produced more pork than beef: in 2016, 2019, and 2020.

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