The price of ice cream increases. In 1 or 2 sentences, explain how and why this affects the quantity of ice cream cones demanded by consumers.

Answers

Answer 1

As the price of ice cream increases, so the demand by consumers may decrease, decreasing the quantity of ice cream cones demanded (provided that all consumers eat ice cream with a cone!)

Answer 2

Each consumer has different tastes and preferences, so each has a different utility when consuming a product. This mirrors the price at which each consumer is willing to pay. Some who like ice cream tend to pay a higher price, others do not. That way, if ice cream rises in price, some people who previously demanded ice cream will stop buying. Only consumers who value ice cream will pay a higher price. Therefore, demand is lower after the price increase.

Related Questions

What is an example of a federal government regulation that influences disease prevention by deterring tobacco use?

Flavors being added to tobacco products
Laws against selling tobacco products to minors
No smoking areas in restaurants and hotels
Stores that decline to sell any tobacco products

Answers

An example of it are laws against selling tobacco products to minors. This will prevent the disease of tobacco use because minors are not allowed to buy it. At an early age, these minors should not practice smoking because it can cause diseases such as lung cancer.

Answer: Laws against selling tobacco products to minors

Explanation:

A federal government can control tobacco use by enforcing law that prevent the selling of tobacco to minors.

Other options are not valid as flavors being added will induce more use of tobacco. No smoking areas in restaurants and hotels is not a government regulation.

So, the only possible option of a government regulation can be binding law against tobacco selling.

GoGo Gas and Fab Fuel are among the few large producers of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called?

Answers

This is called a cartel

It's when companies make a decision to influence the market and raise prices for increased profit. This is often illegal but companies keep finding ways to do it by exploiting legislative loopholes that are sometimes even placed there by lobbyists through the parliament.

Answer:

cartel

Explanation:

cartel—a formal organization of companies that collectively coordinates production and price

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