Which of the following istrueif there is an increase in the supply of ice cream?

There is an increase in consumer surplus.

There is a decrease in consumer surplus.

There is no change in consumer surplus.

It's impossible to tell what will happen to consumer surplus.

1. Inelastic demand could be indicated by a value of:
2. 5.0
3. 0.6
4. 2.6
5. 1.6
6. 1

1. Suppose the price of lumber increases.In the market for new homes, we would expect which of the following to occur?

both the market clearing price and the equilibrium quantity will fall.

both the market clearing price and the equilibrium quantity will rise.

the market clearing price will fall and the equilibrium quantity will rise.

the market clearing price will rise and the equilibrium quantity will fall.