7) Choose the best answer.
John is an ice cream shop owner specializing in selling various kinds of soft-served ice cream. One day, John decides to poll several customers to see what kind of ice cream they prefer to eat and soon discovers that most would actually prefer hand-dipped ice cream. He decides to begin offering hand-dipped ice cream, realizing that he can charge more for it, and thus make more profit. This scenario is an example of what economic principle?
the law of economic gain
the law of supply
people respond to incentives
the law of demand
people respond to markets
