Question

Select the correct answer from each drop-down menu. Complete these sentences based on the video you just watched. A rise in beef prices will cause the supply curve for steaks at restaurants to shift . The rise in steak prices is a result of a non-price determinant of supply. In this scenario, the non-price determinant of supply is . The change in foreign consumption of beef is an example of a non-price determinant of demand. In this scenario, the non-price determinant of demand is . The change in the non-price determinant of demand will cause the demand curve to shift . On a graph, the effect of these shifts in the demand and supply curves will cause the new equilibrium price to . As grown cows become scarcer, the price of beef .

Answer 1

Answer:

A rise in beef prices will cause the supply curve for steaks at restaurants to shift Left

The non-price determinant of supply is Resource cost

The non-price determinant of demand is Consumer taste and preference

The change in the non-price determinant of demand will cause the demand curve to shift Right

On a graph, the effect of these shifts in the demand and supply curves will cause the new equilibrium price to Increase

As grown cows become scarcer, the price of beef Increases

Explanation:

The rise in beef price will cause supply curve to shift left for all the steaks at the restaurant. This is because higher cost will decrease the supply of beef steaks. The resource cost is increased which is beef steak so the supply will decline at the restaurants. The change in demand for steaks in the foreign countries is a matter of consumer choice. The increase in demand will cause the demand curve to move right. When the demand is greater than supply of beef then the prices for beef will increase. The scarce resource will result in scarce supply and when the supply is lower for any good the prices of that product rises.