if-the-price-of-beef-increases-significantly-which-of-the-following-is-a-likely-

Question

If the price of beef increases significantly, which of the following is a likely consumer response indicating elastic demand?

Accepted Answer

Consumers switch to buying more chicken or pork.

Answer

Consumers buy more beef due to perceived quality increase.

Answer

Consumers buy less beef but do not substitute it with other meats.

Answer

Consumers continue to buy the same amount of beef.