ifi. If a clothing store has an end-of-season clearance sale on suits, the likely result would be: (2 points) a. An increase in the quantity supplied of suits. 5 An increase in the quantity demanded of suits. An increase in supply. d. An increase in demand. iv. Increase in the price of a good or service can: (2 points) a, Shift the supply curve. b. Shift the demand curve. c. Decrease the quantity supplied. were aldarl d. None of the above Vi Consumers who purchase whole milk have the option of purchasing soy milk instead. This makes soy milk: (2 points) a. A complement in consumption. b. A complement in production A substitute in consumption. d. A substitute in production. vi. As income increases, the consumption of SPAM decreases. This makes SPAM a(n): (2 points) . Normal Good Inferior Good C. Luxury Good d. Necessity Good vii. As income increases, consumers purchase more expensive wines at an increasing rate. This makes these more expensive wines a: (2 points) a, Inferior Good b. Necessity Good c. Regular Good d. Luxury Good vili. The Law of Supply refers to the: (2 points) a. The negative relationship between price and the quantity supplied. b. The negative relationship between income and the quantity supplied. c. The positive relationship between price and the quantity supplied. d. The positive relationship between income and the quantity supplied. ix. measures the welfare of the consumers. (Circle one) (2 points) a. Producer surplus. Consumer surplus. c. Demand