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Assume milk is used to produce ice cream. A decrease in the price of milk will cause the equilibrium price of ice cream to:_____. a. Increase and the equilibrium quantity of ice cream to increase. b. Increase
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Assume milk is used to produce ice cream. A decrease in the price of milk will cause the equilibrium price of ice cream to:_____.

a. Increase and the equilibrium quantity of ice cream to increase.
b. Increase and the equilibrium quantity of ice cream to decrease.
c. Decrease and the equilibrium quantity of ice cream to increase.
d. Decrease and the equilibrium quantity of ice cream to decrease.

User Ashkufaraz
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10 votes
The correct answer is C
User Amit Teli
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