Final answer:
A fall in the price of beef leads to a leftward shift in the demand curve for chicken, indicating a lower quantity demanded at all prices due to substitution towards the cheaper beef.
Step-by-step explanation:
A decrease in demand for chicken as a result of a decrease in the price of beef, its substitute, is represented on a demand curve by shifting the curve to the left. This graphical shift indicates that, at all prices, the quantity of chicken demanded by consumers is lower due to their preference for the now cheaper substitute, beef.
To illustrate this effect, begin with an initial demand curve for chicken on a graph, with price on the vertical axis and quantity on the horizontal axis. Then, to show a decrease in demand, draw a new demand curve to the left of the original curve. This new position of the demand curve reflects a lower quantity of chicken demanded at any given price, implying consumers have substituted chicken with beef due to the price fall of beef.
When there is a fall in the price of beef in an economy, the quantity demanded of beef will increase. However, this decrease in price of beef will cause people to substitute beef with its substitute, such as chicken, leading to a decrease in the demand for chicken.
To show the fall in the demand for chicken on a demand curve, you would need to create a new demand curve for chicken that is shifted to the left. This is because a decrease in demand is represented by a leftward shift of the demand curve.