The demand for a good is influenced by various factors such as income, prices of related goods, tastes and preferences, etc.

1. A decrease in the supply of beef: This would not necessarily increase the demand for beef. It would likely increase the price of beef, but the demand would stay the same unless other factors change.

2. An increase in family incomes: If beef is a normal good, an increase in income would likely increase the demand for beef. This is because as income increases, people tend to buy more of normal goods.

3. An increase in the price of feed grains for cattle: This would likely increase the cost of producing beef, which could lead to an increase in the price of beef. However, this would not directly affect the demand for beef.

4. A decrease in the price of pork: If pork is a substitute for beef, a decrease in the price of pork could decrease the demand for beef as consumers might switch to the cheaper substitute.

So, the most likely option that would result in an increase in the demand for beef is "An increase in family incomes".

Question

The demand for a good is influenced by various factors such as income, prices of related goods, tastes and preferences, etc.

1. A decrease in the supply of beef: This would not necessarily increase the demand for beef. It would likely increase the price of beef, but the demand would stay the same unless other factors change.

2. An increase in family incomes: If beef is a normal good, an increase in income would likely increase the demand for beef. This is because as income increases, people tend to buy more of normal goods.

3. An increase in the price of feed grains for cattle: This would likely increase the cost of producing beef, which could lead to an increase in the price of beef. However, this would not directly affect the demand for beef.

4. A decrease in the price of pork: If pork is a substitute for beef, a decrease in the price of pork could decrease the demand for beef as consumers might switch to the cheaper substitute.

So, the most likely option that would result in an increase in the demand for beef is "An increase in family incomes".

Knowee AI · Accepted Answer

The demand for a good is influenced by various factors such as income, prices of related goods, tastes and preferences, etc.

1. A decrease in the supply of beef: This would not necessarily increase the demand for beef. It would likely increase the price of beef, but the demand would stay the same unless other factors change.

2. An increase in family incomes: If beef is a normal good, an increase in income would likely increase the demand for beef. This is because as income increases, people tend to buy more of normal goods.

3. An increase in the price of feed grains for cattle: This would likely increase the cost of producing beef, which could lead to an increase in the price of beef. However, this would not directly affect the demand for beef.

4. A decrease in the price of pork: If pork is a substitute for beef, a decrease in the price of pork could decrease the demand for beef as consumers might switch to the cheaper substitute.

So, the most likely option that would result in an increase in the demand for beef is "An increase in family incomes".

Which of the following would likely result in an increase in the demand for beef (assume beef is a normal good)?Group of answer choicesA decrease in the supply of beefAn increase in family incomesAn increase in the price of feed grains for cattleA decrease in the price of pork

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