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Sugar is an important ingredient in the preparation of ice cream.

Sugar is an important ingredient in the preparation of ice cream. Which of the following is/are true, ceteris peribus, if price of sugar falls?


I. Demand for ice cream will decrease.
II. Supply of ice cream will increase.
III. Price of ice cream will increase.
IV. Price of ice cream will decrease.


[A]Only (I) above
[B]Only (II) above
[C]Only (III) above
[D]Both (II) and (IV) above

Jan 10 2018 View more View Less

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