Answer True/False

1. A change in the price of a good will cause a shift in its demand curve. (2 marks)

2. An increase in consumers' incomes will cause an expansion in the demand of all goods. (2 marks)

3. The price charged for a good is the equilibrium price. (2 marks)

4. An inferior good is one that has been badly produced. (2 marks)

5. Mad cow disease led to an increase in the price of pork. (2 marks)