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Milk is an important ingredient in the production of ice cream.If the price of milk increases,then one would expect,holding all other things constant:
A) the supply curve for ice cream to shift left.
B) the supply curve for ice cream to shift right.
C) no change in the supply curve for ice cream.
D) a movement along the supply curve for ice cream curve,resulting in more ice cream supplied.
Milk
A nutritious liquid food produced by the mammary glands of mammals, widely consumed directly and used in a variety of dairy products.
Supply Curve
A graphical representation showing the relationship between the price of a good and the amount of the good that suppliers are willing and able to sell.
Ice Cream
A frozen dessert made from dairy products, such as milk and cream, combined with flavorings and sweeteners, often eaten as a snack or dessert.
- Evaluate the consequences of modifications in technology and input costs on supply and market steadiness.
- Understand how the cost of inputs and the preferences of consumers affect the market results for associated products.
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Learning Objectives
- Evaluate the consequences of modifications in technology and input costs on supply and market steadiness.
- Understand how the cost of inputs and the preferences of consumers affect the market results for associated products.
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