1. If the price of a substitute good (Y) increases: a. The quantity demanded of product X decreases. b. The quantity demanded of product X increases. C. The demand for the other product (x) decreases. d. The demand for the other product (x) increases.

2. A change in the supply (curve) of a good can be caused by:

a. a change in the price of the good

b. a change in technology with its effects on production costs.

3. One reason why the quantity demanded of a good tends to increase when the price decreases is:

a. Suppliers are eager to offer more at a lower price.

b. Demand increases to restore equilibrium.

c. The decrease in prices tends to shift the curve downwards (left)

d. The purchasing power of money increases and people tend to feel richer and the use and consumption of the good increases.

4. An increase in the supply curve (with the demand curve remaining unchanged) will cause: (I think c)

a. that the equilibrium price increases

b. that the demand curve moves to the left

c. that the equilibrium price decreases

d. the demand curve moves to the right

5. Which of the following can be classified as a capital resource

a. Automated equipment in a pharmaceutical company

b. oil (petroleum)

c. the radius of a car

d. all of the above