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Refer to Figure 10-2. When the price of ice cream cones increases from $2 to $3, quantity demanded ...

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Refer to Figure 10-2. When the price of ice cream cones increases from $2 to $3, quantity demanded ...

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

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the law of diminishing marginal utility.

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the price and output effects.

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the income and substitution effects.

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the fact that marginal willingness to pay falls.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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