Problem
In the previous question, you were asked to illustrate why the mad cow disease announcement initially caused the U.S. equilibrium price of beef to fall and the quantity to rise. Show that if the supply and demand curves had shifted in the same directions as above but to greater or lesser degrees, the equilibrium quantity might have fallen. Could the equilibrium price have risen?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.