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A medical study uncovers additional advantages of beef consumption, while a bumper corn crop lowers the cost of feeding steers at the same time. Beef's equilibrium price will increase.
What is equilibrium price?
The cost to the customer of a good or service at an equilibrium price sometimes referred to as a market-clearing price, is determined by supply and demand being equal or nearly equal. Customers have access to all the units they wish to purchase, and manufacturers and vendors are free to move as many units as they like.
When supply and demand, for example, are balanced and there are no outside effects, there is what economists refer to as an economic equilibrium. In this condition, the values of the economic variables remain constant.
As a result, when the additional advantages of beef consumption are uncovered, price will increase.
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