Assume both the demand and the supply of beef decrease. Which of the - 11562

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Assume both the demand and the supply of beef decrease. Which of the following outcomes is certain to occur?

 

  •  The equilibrium price of beef will rise.
  •  The equilibrium quantity of beef will rise.
  •  The equilibrium price of beef will fall.
  •  The equilibrium quantity of beef will fall.

 

Solution Description

 

Assume both the demand and the supply of beef decrease. Which of the following outcomes is certain to occur?