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Author Question: The price of milk rises, so the supply of ice cream decreases. there is, as a result a 5 percent ... (Read 117 times)

colton

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on: Jun 29, 2018
The price of milk rises, so the supply of ice cream decreases. there is, as a result a 5 percent increase in the price of ice cream and a 3 percent decrease in the quantity of ice cream sold.
 
  The revenue received by ice cream suppliers will ________ because the demand for ice cream is ________. A) decrease; price inelastic
  B) increase; price inelastic
  C) increase; price elastic
  D) decrease; price elastic

Question 2

The AS/AD model studies the relationship between
 
  A) the price level and unemployment.
  B) the price level and real GDP.
  C) unemployment and real GDP.
  D) nominal GDP and inflation.


CAPTAINAMERICA

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


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