In Figure 3-7, suppose D1 and S1 indicate the initial conditions in the market f

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Question

In Figure 3-7, suppose D1 and S1 indicate the initial conditions in the market for ice cream. Which of the following changes would tend to cause the shift from D1 to D2 in the market for ice cream? Answer a. a decrease in the price of sugar, an ingredient used to produce ice cream b. an increase in the price of milk, an ingredient used to produce ice cream c. an increase in the price of frozen yogurt, a substitute for ice cream d. abnormally cold weather that decreased consumer desire for ice cream

Explanation / Answer

c. abnormally hot weather that temporarily increases consumer desire for ice cream as ice cream consumption increases in hot season so ans:C

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In Figure 3-6, suppose D1 and S1 indicate initial conditions in the market for i

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In Figure 3-7, suppose D1 and S1 indicate the initial conditions in the market f

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