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2. The demand for a good or service is determined by those who buy the good or service. Also, the quantity demanded of a good is the amount that buyers are willing and able to purchase. The law or demand states that other things equal when the price of a good falls, the demand for the good rises b: when the price of a sood rises, the demand for the good full c when the price of a good falls, the quantity demanded of the good rises, d. when the price of a good rises, the quantity demanded of the good rises 3. If a good is normal, then an increase in income will result in a. an increase in the demand for the normal good movement down and to the right along the demand curve for the good c. a decrease in the demand for the normal good. d. a movement up and to the left along the demand curve for the good. Tablet Demand and supply for trucks (millions of trucks per year) Truck Price Byers 550.000 $40.000 $30,000 $20,000 American quantity 10 15 20 30 demanded Rest of the world 15 30 40 44 quantity demanded Total Quantity Demanded Truck Price Sellers 550.000 $40,000 520,000 $20.000 American quantity 35 30 25 15 supplied Rest of the world 45 40 35 25 quantity supplied Total Quantity Supply Correctly filling up the blanks of total quantity demanded and total quantity supplied for 4 bonus points x 4. In Table #1, if the worldwide price of trucks is at $40,000, the truck market: b. experiences a shortage of 34 million trucks per year. c. experiences a surplus of 25 million trucks per year. d. experiences a shortage of 74 million trucks per year. a. is in equilibrium