Question

A new wonder diet that results in a dramatic weight loss sweeps through the United States. The key to the diet is to eat large amounts of red meat (beef) but no poultry or carbohydrate-rich foods. As millions of Americans switch to the new diet, we can expect a(n) _____ in the _____ poultry, leading to a shift to the _____ in the _____ curve for poultry and _____ poultry prices.

Answer 1

(...) we can expect a decrease in the demand of poultry, leading to a shift to the left in the demand curve for poultry and a decrease in poultry prices.

Step-by-step explanation:

As people adopt the new diet, the consumption of poultry falls and shifts the demand curve to the left, where less quantity is demanded at all prices. With the new adjustment in price and quantities, and as a result of the decrease of demand of poultry, prices will also drop and a new equilibrium combination of price and quantity will be reached in the market.