Suppose the market for ice cream is a perfectly competitive market. If there is an increase in demand, what happens in the short run? Selected answer will be automatically saved. For keyboard navigation, press up / down arrow keys to select an answer.
a The price goes up , each ice cream manufacturer produces more ice cream.
b The price goes up , each ice cream manufactuker produces less ice cream.
c The price goes down, each ice cream manufacturer produces more ice cream.
d The price goes down, each ice cream manufacturer produces less ice cream.