Final answer:
When income goes down, consumers will buy less beef and seek cheaper alternatives, as beef is a highly income-elastic product.
Step-by-step explanation:
When income goes down, highly income-elastic products, such as beef, will be demanded less by consumers. This is because highly income-elastic products are more sensitive to changes in income. Cheaper alternatives to beef are likely to be sought by consumers as they try to adjust their spending to accommodate their lower income.
For example, if a person's income decreases, they might choose to buy less beef and opt for cheaper protein alternatives like chicken or tofu. This is because beef is considered a normal good, meaning that a rise in income typically leads to an increase in demand for beef, and vice versa.
Overall, when income drops, consumers will buy less beef and seek out cheaper alternatives, as beef is a highly income-elastic product.