Increase in the supply of steak while decrease in the price of feed for cattle.
Which of the following would result in a rise in steak supply?
- Increase in the supply of steak while decrease in the price of feed for cattle.If the cost of producing one of an item's replacements increases, the supply of that good declines.
- A good's supply grows if the cost of one of its production-related replacements decreases.If the cost of producing one of an item's replacements increases, the supply of that good declines.
- With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required.The equilibrium price will increase as the supply declines, while the quantity needed will go down.
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