At a Local Ice Cream Parlor, When the Price of Half-Gallons

question 343

Multiple Choice

At a local ice cream parlor, when the price of half-gallons of chocolate ice cream was lowered by fifty cents per half-gallon, total revenue from the sale of chocolate ice cream decreased. This result indicates that

• A) there are more people who like vanilla ice cream than there are people who like chocolate ice cream.
• B) the demand for chocolate ice cream is inelastic.
• C) the demand for chocolate ice cream is elastic.
• D) None of the above answers is correct.

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