Hello, Please help with correct answers. thanks

Quiz 1 7 Demand and Supply Select ONE right answer for each question. I 0.5 points Which of the following would not result from a price ceiling (set below equilibrium price)? a shortage fewer exchanges an increase in supply nonprice rationing devices 5- n: 0000 9-.\" 53'?\" D. Fl 0.5 points Q One major reason for the law of demand is that a. one price changing requires at least one other price to change in the opposite direction. b. people substitute relatively lower-priced goods for relatively higher-priced goods. c. a higher price never reduces quantity demanded by enough to lower total revenue. people are willing to produce more units at a higher price. 0000 9 3 0.5 points At a price of $15 each, Marta buys 4 books per month. When the price increases to $20, Marta buys 3 books per month. Luz says that Marta's demand for books has decreased. Is Luz correct? a. Yes, Luz is correct. b. No, Luz is incorrect. Marta's demand has increased. c. No, Luz is incorrect. Marta's quantity demanded has decreased, but her demand has stayed the same. d. No, Luz is incorrect. Marta's quantity demanded has increased, but her demand has stayed the same. e. No, Luz is incorrect. Marta's quantity demanded has decreased and her demand has increased. a b OOOOO4 0.5 points Which of the following illustrates the law of demand? a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteris paribus. b. Chen buys more ice cream at $4 per half-gallon than at $3 per half gallon, ceteris paribus. Karissa buys fewer sweaters at $50 each than at $35 each, ceteris paribus. d. a, b, and c e. a and c a5 0.5 points S Price (dollars) 10 8 6 D Price ceiling 0 75 125 175 Quantity Refer to figure above. The number of units transacted at the price ceiling is a. 75. b. 125. 175 . d. 100.P3 P2 Price of Good X P 1 D O Q1 Q2 Q3 Quantity of Good X Refer to figure above. Which of the following is true? a. If price P3 is set as a price ceiling it will have an effect on the market for good X. b. If price P3 is set as a price floor it will have an effect on the market for good X. c. Price P3 is the equilibrium price for good X.0.5 points When P = $5, the quantity demanded of a good is 30 units, and the quantity supplied of the good is 50 units. For every $1 decrease in the price of this good, quantity demanded rises by 5 units and quantity supplied falls by 5 units. The equilibrium price of this good is and the equilibrium quantity of this good is units. a. $3; 40 b. $4; 35 c. $2; 45 $2; 35 $3; 35 00000 .09 n 0.5 points A price ceiling is a government-mandated minimum price below which legal trades cannot be made. maximum price above which legal trades cannot be made. minimum price above which legal trades cannot be made. maximum price below which legal trades cannot be made. 0000?\".0 9'9: 0. h U a: 9 0.5 points The law of supply states that price and quantity supplied are a. inversely related, ceteris paribus. b. directly related, ceteris paribus. c. not related. d. fixed. O a b d10 0.5 points If the current market price of good Z is below the equilibrium price of good Z a. it must be because the government has imposed a price ceiling in the market for good Z. b. there is a shortage of good Z. c. there is a surplus of good Z. d. demand must necessarily decrease to restore equilibrium. e. a and b n d