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
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