Asked by Albernisha Jones on May 23, 2024

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If the demand for steak (a normal good) shifts to the left, the most likely reason is that

A) consumer incomes have fallen.
B) cattle production has declined.
C) the price of steak has risen.
D) the price of cattle feed has gone up.

Normal Good

A type of good for which demand increases when income increases, demonstrating a direct relationship between income and demand.

Consumer Incomes

The total earnings received by consumers, including wages, dividends, and other sources of income.

Demand Curve

A graphical representation showing the quantity of a product that consumers are willing and able to purchase at various prices.

  • Analyze how changes in consumer income affect the demand for various types of goods.
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JB
Jarrett BrandonMay 28, 2024
Final Answer :
A
Explanation :
A decrease in consumer incomes would result in a decrease in demand for normal goods, like steak. In contrast, choices B, C, and D would all lead to an increase in the price of steak, which could lead to a decrease in demand, but the prompt specifically states that the demand curve has shifted to the left.