5. In a twodimensional supplydemand diagram, things that can cause the demand curve to shift Lodude P-PP'P' E. A change in household income A change in the price of a related good A sudden increase or decrease in population All of the above None of the above 6. If there is a sudden increase in population, with essentially the same preferences as the rest of the population, then a. EDP-PF The market demand curve for most curves will shift inward toward the origin The market demand curve for most curves will shift outward away from the origin Market price of most goods will rise, all else equal Responses A and C Responses B and C 7. A m Good is a theoretical concept with no ceaLutoddexamples, and furthermore is not even justifiable as a theoretical concept because a. d. e. If a gm Good existed, it would require indifference curves to cross, which is not possible. If the good is indeed a good, there is never a circumstance where agents would shift out of it when its price drops. Such goods would violate basic welljustified assumptions, such as more is preferred to less, preferences are transitive, etc. All of the above None of the above 8. The point where an indifference curve is tangent to a budget constraint is called a. b. c. d. e. The producer equilibrium Market equilibrium Consumer equilibrium Responses A and C Responses El and C 9. When the price ofjust one good falls in a graph depicting an indifference curvebudget constraint mapping a. c. d. e. The intercept for that good will be closer to the origin than the original budget constraint. The intercept for that good will be further away from the origin than the original budget constraint Both intercepts for the budget constraint shift away from the origin. Both intercepts for the budget constraint shift toward the origin. None of the above. 10. When income falls in a graph depicting an indifference curvebudget constraint mapping a. The intercept for that good will be closer to the origin than the original budget constraint. The intercept for that good will be further away from the origin than the original budget constraint Both intercepts for the budget constraint shift away from the origin. Both intercepts for the budget constraint shift toward the origin. None of the above