Solved

Figure 3-7 In Figure 3-7, Suppose D 1 and S 1 Indicate

Question 320

Multiple Choice

Figure 3-7 Figure 3-7   In Figure 3-7, suppose D <sub>1</sub> and S <sub>1</sub> indicate the initial conditions in the market for ice cream. Which of the following changes would tend to cause the shift from D <sub>1</sub> to D <sub>2</sub> in the market for ice cream? A)  a decrease in the price of sugar, an ingredient used to produce ice cream B)  an increase in the price of frozen yogurt, a substitute for ice cream C)  abnormally cold weather that decreased consumer desire for ice cream D)  an increase in the price of milk, an ingredient used to produce ice cream
In Figure 3-7, suppose D 1 and S 1 indicate the initial conditions in the market for ice cream. Which of the following changes would tend to cause the shift from D 1 to D 2 in the market for ice cream?


A) a decrease in the price of sugar, an ingredient used to produce ice cream
B) an increase in the price of frozen yogurt, a substitute for ice cream
C) abnormally cold weather that decreased consumer desire for ice cream
D) an increase in the price of milk, an ingredient used to produce ice cream

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents