1) If a good has a vertical demand curve it means that

a. less of that good will be demanded when its price goes up

b. more of that good will be demanded when its price falls

c. the same quantity will be demanded when the price rises or

falls

d. good has very close substitutes

2)An upward- sloping supply curve means that

a. less of that good will be supplied when is price rises

b. the same amount of that good will be supplied when its

price rises

c. more of that good will be supplied when its price falls

d. more of that will be supplied when its price rises

3)If the equilibrium price and quantity both decrease, it

is likely that the

a. supply curve has shifted to the right

b. demand curve has shifted to the right

c. demand curve has shifted to the left

d. supply curve has shifted to the left