Figure 3-12 in Figure 3-12, Suppose D₁ and S₁

question 112

Multiple Choice

Figure 3-12 In Figure 3-12, suppose D₁ and S₁ indicate initial conditions in the market for ice cream. Which of the following changes would tend to shift this market from D₁ to D₂?

• A) an increase in the price of milk, an ingredient used to produce ice cream
• B) an increase in the price of frozen yogurt, a substitute for ice cream
• C) a decrease in the price of sugar, an ingredient used to produce ice cream
• D) a decrease in consumer income

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