If the price of beef doubled and the price of chicken stayed the same people would most likely buy?

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2026-05-03 18:05

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If the price of beef doubled while the price of chicken remained stable, consumers would likely shift their purchasing behavior toward chicken, as it becomes the more affordable option. This substitution effect occurs because people often seek to maximize their utility by choosing cheaper alternatives when the price of a preferred good rises significantly. Consequently, we would expect an increase in chicken sales and a decrease in beef sales.

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