Multiple choice: In the remaining questions, indicate which letter has the best answer. (3 points each) 7. Graph A Graph B X Graph C The above figure shows three different supply-and-demand graphs. Which graph best represents the market for vacations on Mars? A) Graph A B) Graph B C) Graph C D) None of the above 8. An individual's demand curve for a good can be derived by measuring the quantities selected as A) the price of substitute goods changes. B) the price of the good changes. C) income changes. D) All of the above. 9. An increase in the price of a good causes A) an increase in the consumption of that good. B) a rightward shift of the demand curve for that good. C) a change in the slope of the budget line D) a parallel rightward shift of the budget line. 10. As the price of a good rises, the consumer will experience WA) a desire to consume a different bundle. B) a decrease in utility. C) a southwesterly movement on the indifference map. D) All of the above. Ham Pork 1 1. The above figure shows Larry's indifference map and budget lines for ham and pork. Which of the following statements is TRUE? A) Pork is an inferior good. B) Ham is an inferior good. C) Neither pork nor ham is an inferior good. D) Both ham and pork are inferior goods. 12. The above figure shows Larry's indifference map and budget lines for ham and pork, Which of the following statements is TRUE? A) Larry's demand curve for pork shifts rightward when his income increases. B) Larry's income elasticity of demand for pork is greater than zero. C) Pork is a normal good. D) All of the above