Final answer:
When the price of beef, which is a substitute for pork, increases, the demand for pork is likely to increase, leading to a higher equilibrium price for pork.
Step-by-step explanation:
When the price of a substitute good, such as beef, increases, consumers will look for alternative products that can satisfy the same need or want. In this case, pork is a substitute for beef. Therefore, if the price of beef increases, consumers are more likely to buy pork instead, leading to an increase in demand for pork. As demand for pork rises, the equilibrium price of pork is also likely to increase because a higher price will be necessary to balance the greater demand with the supply of pork.
The equilibrium quantity of pork traded may also increase if the supply curve remains unchanged because suppliers are willing to sell more at a higher price. Conversely, should the supply of pork not keep up with the increased demand, the equilibrium quantity might not change significantly, but the prices would still be higher due to the excess demand.