In Jonesville, the market price and equilibrium quantity demanded of ice cream drops every year in May. This phenomenon: Violates the law of demand. When the price decreases, people should always buy more. Can be explained by a decrease in demand, from college students departing the area in the summertime. Can be explained by an increase in demand, as more people want ice cream in the summertime. None of the above explanations is consistent with the scenario described. Can be explained by an increase in supply, as ice cream trucks start to roam more frequently in the summertime.
In Jonesville, the market price and equilibrium quantity demanded of ice cream drops every year in May. This phenomenon: Violates the law of demand. When the price decreases, people should always buy more. Can be explained by a decrease in demand, from college students departing the area in the summertime. Can be explained by an increase in demand, as more people want ice cream in the summertime. None of the above explanations is consistent with the scenario described. Can be explained by an increase in supply, as ice cream trucks start to roam more frequently in the summertime.
Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter4: Markets In Action
Section: Chapter Questions
Problem 19SQ
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In Jonesville, the market price and equilibrium quantity demanded of ice cream drops every year in May. This phenomenon:
Violates the law of demand . When the price decreases, people should always buy more.
Can be explained by a decrease in demand, from college students departing the area in the summertime.
Can be explained by an increase in demand, as more people want ice cream in the summertime.
None of the above explanations is consistent with the scenario described.
Can be explained by an increase in supply, as ice cream trucks start to roam more frequently in the summertime.
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