7. Which of the following pairs is the best example of complements? a. milk and cheese b. bagels and cream cheese c. couches and recliner chairs d. cowboy boots and running shoes 8. A decline in the supply of coffee will result in an) a. increase in its demand due to the Law of Demand b. rise in price and a fall in quantity c. rise in price and a rise in quantity d. fall in price and a fall in quantity 9. Which of the following is true of the relationship between price and quantity supplied? a. Whatever the price level, quantity supplied is equal to quantity demanded. b. When prices are lower the quantity supplied increases. c. As the price rises, consumers are willing and able to purchase more of the good supplied. d. An increase in price generates an increase in quantity supplied. 10. An increase in the number of tomato producers will a. increase supply because the price of tomatoes will rise b. increase supply because market demand will increase as more tomatoes are produced c. increase supply because the number of sellers has increased d. increase market demand and leave supply of tomatoes unchanged 11. If the quantity demanded of milk is 50,000 gallons and the quantity supplied of milk is 80,000 gallons, then a. there is an excess supply of 30,000 gallons of milk b. the price of milk will rise to clear the market c. consumers get the milk they demand so equilibrium exists d. there is an excess demand of 30,000 gallons of milk e. the supply curve is greater than the demand curve 12. The effect of a rise in peoples incomes on equilibrium price and quantity of Florida orange juice is to a. increase equilibrium price and quantity b. increase equilibrium price and decrease equilibrium quantity c. increase equilibrium quantity and decrease equilibrium price d. decrease equilibrium price and increase equilibrium 13. When the price of tomatoes is $6, farmers supply 150.000 bushels. When price is $9. farmers supply 150,000 bushels. From this, we conclude that the a equilibrium price of tomatoes is $8 b. supply curve is vertical at a quantity of 150,000 Scanner e plodoci nastos and not bringing them all to market d. supply curve for tomatoes is upward sloping