Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time.Which of the following explanations would be most consistent with this observation?a. New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.b. The price of chicken has risen, and the price of steak sauce has fallen.c. The demand curve for beef must be positively sloped.d. Consumers have experienced an increase in income, and beef-production technology has improved.

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03-03-2020
Business

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Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time.Which of the following explanations would be most consistent with this observation?a. New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.b. The price of chicken has risen, and the price of steak sauce has fallen.c. The demand curve for beef must be positively sloped.d. Consumers have experienced an increase in income, and beef-production technology has improved.

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Heroine26 Heroine26 · Answer 1 · 2020-03-10T18:51:26+01:00

Answer: New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.

Explanation: The most consistent explanation with this observation is that new medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy. The medical evidence about correlation between the beef consumption of the people and their life expectancy would significantly affect equilibrium price and the quantity of beef bought negatively.