Multiple Choice
Assume the supply function of ice cream is written as: Qs = 100 + 20P - 10Pm,where Qs is the quantity supplied,P is price of ice cream,and Pm is the price of milk ($/gallon) .If milk price increases by $2/gallon due to the policy change,how will the Qs change?
A) decreases by 20
B) increases by 20
C) decreases by 10
D) increases by 10
Correct Answer:
Verified
Correct Answer:
Verified
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