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 |
|