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Choose the statement that is incorrect. O A. Total utility is positive but diminishes as consumption of a good increases. O B. The units of total utility are arbitrary. O C. Total utility depends on the level of consumption. O D. Total utility is the total benefit that a person gets from the consumption of goods and services. 0 G.The table shows Jennifer's marginal utility from tea and shortbread. Jennifer has $5.00 to spend each day on tea and shortbread. The price of tea is $1.00 a cup and the price of shortbread is $0.50 a piece. When Jennifer maximizes her total utility, she buys El pieces of shortbread each day and her marginal utility per dollar for shortbread is D units per dollar. Tea Shortbread Cups per Harginal Pieces per Marginal day utility day utility 0 0 1 100 2 84 2 76 4 56 3 66 6 33 4 53 8 34 5 50 1 0 30 Price per Quantity Demanded Quantity Supplied ounce (millions oz.) (millions oz.) $2 65 35 4 60 40 6 55 45 8 50 50 10 45 55 12 40 60 14 35 65 Table 1 1. Refer to Table 1. The table contains information about the laundry detergent market. Use the table to answer the following questions. a. Draw the demand and supply curves, be sure to label each axis and curve on the graph. b. What are the equilibrium price and quantity of laundry detergent? c. Suppose the prevailing price is $4 per ounce. Is there a shortage or a surplus in the market? d. What is the quantity of the shortage or surplus? e. How many ounces will be sold if the market price is $4 per ounce? f. If the market price is $4 per ounce, what must happen to restore equilibrium in the market? 2. In each of the following situations, list what will happen to the equilibrium price and the