Please Answer Correctly

1.) The opportunity cost of a product is the same as its*

money price.

relative price.

price index.

None of the above.

2.) A normal good is one*

with a downward sloping demand curve.

for which demand increases when the price of a substitute rises.

for which demand increases when income increases.

None of the above.

3.) A decline in the price of a good causes produces to decrease the quantity of the good supplied. This result illustrates*

the law of supply.

the law of demand.

a change in supply.

the nature of an inferior good.