Business, 03.05.2021 15:40 Rayanecrazt3671

In 2017, three shops were selling ice cream cones for a price of $4 each in a small tourist town in Florida. Each shop sold 100 ice cream cones; thus, all shops together sold a total of 300 ice cream cones. In 2018, five shops were selling ice cream cones for a price of $3 each. Each shop sold 70 ice cream cones; thus, all shops together sold a total of 350 ice cream cones. For the sake of simplicity, assume marginal cost is $0 for all firms and thus total revenue is equal to total profit. Which effect best describes the likely decrease in profits experienced by each of the three original firms due only to the lower market price

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