hoo! revealed that chocolate is flavor of ice cream in America. For e, indicate the possible effects on ly, or both as well as equilibrium price PROBLEMS 1. A study conducted by Yahoo! reves the most popular flavor of ice C each of the following, indicate the po demand, supply, or both as we and quantity of chocolate ice cream. a. A severe drought in the Midwest causes dairy farm- ers to reduce the number of milk-producing cattle in their herds by a third. These dairy farmers sup- ply cream that is used to manufacture chocolate ice cream. b. A new report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits. c. The discovery of cheaper synthetic vanilla flavoring lowers the price of vanilla ice cream. d. New technology for mixing and freezing ice cream lowers manufacturers' costs of producing chocolate ice cream