1. Suppose that an increase in the price of good X results in fewer units of good Y being sold. This implies that X and Y are: Giffen goods Complementary goods Normal goods Inferior goods Substitute goods

2. If we solve the producer and consumer problems at a given level of prices and the total quantity of good X that consumers want to consume is less than the total quantity of good X that producers want to produce, which of the following is true? Price of X must increase Price of X must decrease Price of X must stay the same

3.When supply and demand both increase, equilibrium Price will increase Price will decrease Quantity may increase, decrease, or stay the same Price may increase, decrease, or stay the same Price and quantity will increase