If the Price of Vanilla Ice Cream Increases, Everything Else

question 97

Multiple Choice

If the price of vanilla ice cream increases, everything else remaining constant, it is likely that ___

• A) the demand for vanilla ice cream will increase.
• B) the demand for vanilla ice cream will decrease.
• C) the demand for chocolate ice cream, a substitute, will increase.
• D) the demand for chocolate ice cream, a substitute, will decrease.
• E) the quantity demanded of vanilla ice cream will increase.

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Definitions:

Attached

The state of being legally seized or appropriated, often in relation to property or rights.

Patent

A government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention for a limited time period.

Trademark Dilution

A legal concept preventing the use of a famous trademark by others in a way that would lessen its uniqueness, distinctiveness, or value.

Distinctive Quality

A unique characteristic or feature that sets an individual, item, or entity apart from others.