14.If you observe that the current market price for premium ice cream is about $2.50 a pint you should expect that in the
near future:
- Price will rise and actual quantity consumed will fall.
- Price will fall and actual quantity consumed will rise.
- Price will rise, but actual quantity consumed will not change.
- Price will rise and actual quantity consumed will rise.
- Price will fall and actual quantity consumed will fall.
|
| Supply and Demand for Ice Cream |
| Price |
Q. Demanded |
Q. Supplied |
| $1.00 |
100 |
25 |
| $2.00 |
95 |
50 |
| $3.00 |
90 |
75 |
| $4.00 |
85 |
100 |
| $5.00 |
80 |
125 |
|
