In: Economics
Is the price of chicken lower than the price of beef because beef is preferred over chicken (the demand factor), or because it is cheaper to produce chicken (the supply factor)? Is the cost of producing chicken lower than the cost of producing been because chicken is considered an inferior good?
Answer:
The price of chicken is lower than the beef because the cost of
producing chicken is lower than the cost of producing beef. Few of
the factors which lead to this conclusion is mentioned below:
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