The price of ice cream increases. How and why does this affect the quantity of ice cream cones demanded by consumers?
1 Answer
Feb 12, 2016
After an increase in the price of ice cream, quantity demanded of ice cream cones will fall,
Explanation:
The ice cream and ice cream cones are complementary goods.
The consumption of one goes along with the other. Hence, the ice cream cones are affected by the price of ice cream.
As the price of ice cream increases, the demand for ice cream will fall. Naturally the demand for ice cream cones also will fall.
After an increase in the price of ice cream, quantity demanded of ice cream cones will fall,
