Many people in the United States purchase beef on a regular basis. The amount as beef purchased in a given period depends on supply and demand. Demand is a curve that shows the amount of a product consumers are willing and able to purchase at different prices during a certain period of time (McConnell 2005). Six determinants of demand include * Change in buyer tastes * Change in number of buyers * Change in income * Change in the price …
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showed last 75 words of 579 total
…attention to demand. Supply and demand should reach an equilibrium. The amount of beef consumers are will in to purchase at a certain price should match the amount supplied at that price. If it does not, there will either be a surplus of beef, or a shortage. References: High beef prices defy mad-cow scare. (2004). Retrieved July 22, 2005 from http://msnbc.msn.com/id/4772640/ McConnell, and Brue. (2005). Economics- Principles, problems, and policies (16th ed.). New York: McGraw-Hill.