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due to the change or advances in technology within the field of animal genetics, beef producers...

due to the change or advances in technology within the field of animal genetics, beef producers can now produce more cattle using less land. what is the effect on price and quantity of beef cattle?

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Answer #1

Due to advance technology, the amount of beef supplied in the economy will increase. This increase will shift the supply curve to the right at a lower cost and higher supply. The price of the beef will fall and the quantity will increase.

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