Ask Question
9 November, 17:57

Assume that beef and chicken are substitutes. If the price of beef increases, all other things being equal, demand for chicken will increase. True or false?

+1
Answers (1)
  1. 9 November, 18:04
    0
    True

    Explanation:

    This is a true statement. The beef and chicken are substitute goods. The substitute goods are generally have a positive cross price elasticity of demand which states that there is a direct relationship between the price of beef and the demand of chicken.

    If the price of beef increases then as a result the demand for chicken increases and if the price of beef decreases then as a result the demand for chicken decreases.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Assume that beef and chicken are substitutes. If the price of beef increases, all other things being equal, demand for chicken will ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers