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Migo7s Migo7s
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Posts: 327
A week ago

Figure 10-2



Figure 10-2 represents the demand for ice cream cones.



Refer to Figure 10-2. When the price of ice cream cones increases from $2 to $3, quantity demanded decreases from 4 ice cream cones to 3 ice cream cones. This change in quantity demanded is due to



the law of diminishing marginal utility.



the price and output effects.



the income and substitution effects.



the fact that marginal willingness to pay falls.

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InMicro


Edition: 1st
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Cele_1015Cele_1015
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A week ago
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the income and substitution effects.

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A week ago
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