choose the following correct answer

Question 4 What is consumer surplus? O The amount of money saved by consumers as a result of a price ceiling. O The area between the supply curve and the market price. 0 The scenario where there are too many consumers and not enough producers. O The difference between consumers' willingness to pay and the actual price paid. Question 1 2 pts The law of demand states that, holding everything else constant, as the price of a good rises, the decreases. 0 Demand 0 Quantity demanded 0 Quantity sold 0 Supply Question 2 2 pts The law of supply states that, holding everything else constant, as the price of a good rises, the quantity supplied _________ . O stays the same 0 increases 0 decreases Question 3 2 pts A surplus occurs when ___________ ? Q The quantity demanded for a good is greater than the quantity supplied of a good. 0 When tastes or preferences for a good increase. 0 When the quantity supplied of a good is greater than the quantity demanded. Q When the price of a good is too low. Question 4 2 pts If a good is in excess supply, what do we expect to happen to the price of the good as the market reaches equilibrium? 0 It will stay the same. 0 We don't have enough information to infer anything. 0 It will increase. 0 It will decrease. Question 5 Which of the following would increase the demand for sandwiches from Jersey Mike's? O A decrease in consumer incomes (assume Jersey Mike's is a normal good) 0 An increase in the price of Subway sandwiches. 0 An increase in the price of chips and sodas sold at Jersey Mike's 0 An decrease in the price of deli meat that Jersey Mike's pays to its supplier. Question 6 What would cause an increase in the supply of red wine from a local vineyard. 0 An increase in the price of fertilizers used to grow grapes. 0 An increase in the tax on alcohol products. 0 The implementation of new technology of grape harvesting. O A frost that destroys a portion of the crop. Question 7 2 pts As the demand for hand sanitizer increases, what does the demand and supply model predict will happen to the price of hand sanitizer and the quantity of hand sanitizer sold? (Assume only demand is changing, supply stays the same) 0 The price increases and the quantity decreases O The price decreases and the quantity increases 0 The price increases and the quantity increases 0 The price decreases and the quantity decreases Question 8 2 pts When the supply of a good increases, what direction do we shift the supply curve in the standard demand and supply model? 0 Inside out. 0 To the left. 0 Upwards. 0 To the right. Question 9 2 p When a recession reaches an economy driving down consumer incomes, the demand for generic brand tinned beef tends to increase. This suggests that generic brand tinned beef is a(n) O complementary good O normal good O inferior good O in excess supply Question 10 2 p As the price of Wizzles increases, we see an increase in the demand for Floozles. This suggests that Wizzles and Floozles are O Complements O Substitutes O inferior goods O Normal Goods