HELLO, can anyone help with these practice microeconomic questions please :)
QUESTION 1 When an economist says that the demand for a product has increased, this means that: F quantity demanded is greater at each possible price. F firms make less of the product available for sale. F consumers respond to a lower price by buying more. F the demand curve becomes steeper. QUESTION 2 When movie ticket prices increase, families tend to spend less time watching movies and more time at home watching videos instead. This best reflects: F diminishing marginal utility. F the income effect. F the rationing function of markets. F the substitution effect. QUESTION 3 If consumer incomes increase, the demand for product Y: T\" - will necessarily remain unchanged. \"7 will shift to the right if Y is a complementary good. b- will shift to the right if Y is a normal good. \"7 will shift to the right if Y is an inferior good. QUESTION 4 When drawing demand and supply curves. economists are assuming that the primary influence on production and purchasing decisions is: '7 price. \"7 the cost of production. '3 the overall state of the economy. '7 consumer incomes. QUESTION 6 A decrease in the price of a product will increase the amount of it demanded because: r\" supply curves are upsloping. (\"r the lower price will decrease real incomes. F\" the lower price induces consumers to use this product instead of other products. (\"r firms produce more at lower prices. QUESTION 7 "Because of unusually good growing conditions, the supply of strawberries has substantially increased." This statement indicates that: F\" the demand for strawberries will necessarily rise. (\"r the equilibrium quantity of strawberries will fall. 5 the amount of strawberries that will be available at various prices has increased. '5 the price of strawberries will rise. Goods X and Y are complements while goods X and Z are substitutes. If the supply of good X increases: 3\" the demand for both Y and 2 will increase. 3* the demand for Y will increase while the demand for 2 will decrease. K5 the demand for Y will decrease while the demand for Z will increase. \"5 the demand for both Y and 2 will decrease. QUESTION 9 The following data show the supply and demand schedule for a competitively produced good. Price Quantity supplied Quantity demanded $10 100 295 l l 150 275 12 I90 250 13 220 220 I4 245 180 IS 265 135 Refer to the above data. At the equilibrium price, the quantity exchanged in this market will be: 5 190. \"7 220. b 245. (5 250