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16. Market demand is derived by a. adding up both the prices each buyer pays and the quantities that each buyer demands. b. dividing each buyer's demand by the total number of consumers in the market. c. fixing the price and adding up the quantities that each buyer demands. d. fixing the quantity and adding up the prices that each buyer pays. 17. Holding all else equal, if the price of a digital camera rises, then we can expect a. an increase in the demand for digital cameras. b. an increase in the quantity demanded of digital cameras. c. a decrease in the quantity demanded of digital cameras. d. a decrease in the demand for digital cameras. 18. The Law of Supply states that, in most cases, as the price of a good rises, the quantity supplied so the typical supply curve is a. falls; upward-sloping. b. rises; downward-sloping. c. rises; upward-sloping. d. falls; downward-sloping. 19. Assume that a seller in a perfectly competitive market charges more than the equilibrium price. It is likely that this seller will: a. lose almost all of his buyers. b. lose only a few buyers. c. increase his profit. d. increase his sales. 20. Following an increase in income in Chicago fewer people shop at local Wall Mart stores. We can conclude that the retail service provided by Wall Mart is a. a normal good b. an inferior good. c. a substitute good. d. a complement good. 21. If the price of Nintendo consoles declines, demand for Nintendo games will a. increase; the two goods are complements. b. fall; the two goods are complements. c. fall; the two goods are substitutes. d. increase; the two goods are substitutes. 22. If Hofstra was to double its number of enrolled students, in the surrounding area b. a. demand for housing and rents would increase. C. demand for housing and rents would decrease. d. supply of housing and rents would decrease. demand for housing would decrease and rents would increase