In the summer more people prefer to eat ice cream because of the weather. Suppose at the same time sugar prices have increased due to a hurricane. We can expect the equilibrium price of ice cream to increase and the equilibrium quantity of ice cream to .
A. increase
B. decrease
C. uncertain.
Answers: 1
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Within the relevant range, if there is a change in the level of the cost driver, then a. total fixed costs will remain the same and total variable costs will change b. total fixed costs will change and total variable costs will remain the same c. total fixed costs and total variable costs will change d. total fixed costs and total variable costs will remain the same
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In a market economy, supply and demand are important because theya. (i) play a critical role in the allocation of the economy's scarce resources.b. (ii) determine how much of each good gets produced.c. (iii) can be used to predict the impact on the economy of various events and policies.d. all of (i), (ii), and (iii) are correct.
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If you know how to think critically and have excellent problem solving skills, you are said to have strong a. personal qualities b. thinking skills c. technology skills d. basic skills select the best answer from the choices provided
Answers: 1
In the summer more people prefer to eat ice cream because of the weather. Suppose at the same time s...
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