When the price of ground beef increases and all else is held constant,we would expect the supply of hamburgers to ________,causing the price to ________.

Question

Quizplus · Accepted Answer

When the price of ground beef (an input cost) increases, the supply of hamburgers (made from ground beef) would decrease because it becomes more expensive to produce hamburgers. This decrease in supply, with demand remaining constant, would lead to an increase in the price of hamburgers.

When the Price of Ground Beef Increases and All Else