In summer, more people want to buy ice cream. What effect would this have on the equilibrium price and equilibrium quantity for ice cream in the basic demand and supply model? Group of answer choices 1) price and quantity both decrease 2) price decreases, quantity increases 3) price and quantity both increase 4) price increases, quantity decreases
In summer, more people want to buy ice cream. What effect would this have on the equilibrium price and equilibrium quantity for ice cream in the basic demand and supply model? Group of answer choices 1) price and quantity both decrease 2) price decreases, quantity increases 3) price and quantity both increase 4) price increases, quantity decreases
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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