Multiple Choice
If the price of ice cream increases substantially (ceteris paribus) , what is the equilibrium quantity of hot fudge sauce likely to do?
A) Increase, and the equilibrium price is likely to increase.
B) Decrease, and the equilibrium price is likely to increase.
C) Increase, and the equilibrium price is likely to decrease.
D) Decrease, and the equilibrium price is likely to decrease.
Correct Answer:
Verified
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