Beef Is a Normal Good and Peopleʹs Incomes Fall

Multiple Choice

Beef is a normal good and peopleʹs incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in

A) no change in the equilibrium quantity of beef.
B) an increase in the equilibrium quantity of beef.
C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve.
D) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve.