In an effort to reduce the surplus of dairy products, agricultural legislation paid dairy farmers to slaughter their herds and sell them to packinghouses (meat producers) in 1996-1997. how did this influence the market for beef? a. demand increased, leading to higher beef prices b. demand decreased, leading to lower beef prices c. supply increased, leading to lower beef prices d. supply decreased, leading to higher beef prices

C.

Explanation:

An equilibrium point is where the quantity where price has adjusted so that quantity demanded is equal to quantity supplied. The amount that buyers are willing and able to purchase matches the amount that producers are willing and able to sell.

There are two scenarios:

-High prices, low quantities demanded.

-Low prices, high quantities demanded.

In this case, as the agricultural legislation made an increase in the supply of beef, the prices of beef lower.

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