What would happen to the quantity demanded of cherry berry

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Questions

Imagine that the price of Cherry Berry frozen yogurt increased to an average of $8.00 a dish making Cold Stone and Dairy Queen better buys.

What would happen to the quantity demanded of Cherry Berry?
If you were a producer of Cherry Berry, how much would you be willing to produce now that you're able to get a great price?

Now, imagine that the opposite has happened, the average dish at Cherry Berry is $2.00 making it a great deal.

What would happen to the quantity demanded?
If you were the producer of Cherry Berry what would happen to your supply now that you can only get 2.00 for a dish of ice cream?
How do you think the economy handles shortages and surpluses?
What do you think would happen if the government would set the prices for certain goods?
When might a government set the price for certain goods?

Reference no: EM133454361

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