1. The cross-price elasticity between goods Alpha and Beta is 10 and the price of Alpha goes up by 5 percent. Which of the following must be true? A. They are substitutes and the price of Beta goes up by 50 percent. B. They are complements and the price of Beta goes down by 2 percent. C. They are substitutes and the quantity demanded of Beta goes up by 50 percent. D. They are complements and the quantity demanded of Beta goes down by 50 percent. E. They are complements and the demand for Beta goes up by 2 percent. 2. If the demand for a product is so great that firms are unable to fulfill all of the orders, what might it conclude? A. The product is an inferior good. B. There is a shortage, and the price is below equilibrium. C. The product is experiencing diminishing marginal returns. D. At the current price, the supply is greater than the demand. E. Foreign governments recently placed a tariff on the product. 3. What are in the attachment represents consumer surplus at equilibrium? A. E + F. B. A + B + E. C. C + D + F. D. A + B + C + D. E. I + K + L. 4. Whenever the price is above the equilibrium price, it must be the case that. A. A shortage will exist. B. Price elasticity of supply with increase. C. Price elasticity of demand will decrease. D. Quantity supplied will be less than quantity demanded. E. Quantity supplied will be greater than quantity demanded.