Question

The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen. in the market for​ beef, this would be represented by the equilibrium price​ ________ and the equilibrium quantity​ ________.

Answer 1

The price will either increase or decrease, while the equilibrium quantity will decrease. The price movement is less certain because the supply is not as apparent, but since the consumer preferences have fallen for beef, it would only make sense for the producers to put fewer head of cattle on the market, lest they run into waste product.