Using the supply and demand diagrams (one for each market), show what short-run changes in price and quantity would be expected in the following markets if worries about weight gain from fat consumption cause consumers to reduce the demand for ice cream. Each graph should contain the original and new demand and supply curves, and the original and new equilibrium prices and quantities. For each market, write one sentence explaining why each curve shifts or does not shift.
Definitions:
In Personam Jurisdiction
A court's authority over the particular parties involved in a lawsuit, as opposed to authority over the subject matter of the lawsuit.
Residence
A place where a person lives and regards as their home.
Activities
Actions, tasks, or operations that individuals or groups engage in, often towards achieving a specific goal or purpose.
Treaties
Agreements between countries that are formally ratified and legally binding.
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