Higher Steak and Beef Burger Prices in the U.S. Are Here to Stay

Answer the following questions to check your understanding of the story.

1) Why is the price of cattle rising?

____________ is raising the price of cattle.

a) A decrease in consumption of steaks and burgers

b) Falling profits in cattle ranching

c) The record high price of beef

d) The rising cost of maintaining herds

2) Why is the price of beef rising?

The price of beef is rising because ______________.

a) the price of cattle, a complement in the production of beef, is rising

b) the price of cattle, a substitute for beef, is rising

c) people are eating fewer steaks and burgers and more of their substitutes

d) the price of cattle, a factor of production used to produce beef, is rising

3) What is happening to the demand for beef?

a) Both demand and the quantity demanded are decreasing.

b) Quantity demanded is not changing but demand is decreasing.

c) Demand is not changing but the quantity demanded is decreasing.

d) Both demand and the quantity demanded are increasing.

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