please help me to answer this multiple choice. thank you.

1. The study of the ways that individuals and societies allocate their resources to satisfy their unlimited resources, a. Economies b. Scarcity c. Applied Economies d. Social Science 2. When surplus occurs, suppliers tend to a. maintain prices b. lower prices c. raise prices d. increase demand 3. When the price of a good increases, the quantity demanded for that good is likely to a. increase b. decrease c. stay the same d. shift the demand curve 4. Economic demand for a product refers to how much of the product? a. is available for purchase from business at each price b. people are willing and able to buy at each price c. people want, whether they can buy it or not d. consumers can afford it 5. Many consumers will continue to buy home heating oil even if the price increases. In economic terms, this represents a. flexible demand b. elastic demand C. inflexible demand d. inelastic demand 6. A decrease in supply shifts the supply curve a. to the right C. to the center b. to the left d. upward 7. The equilibrium price is always determined by the a. government C. sellers b. buyers d. buyers and sellers together B. Inflation is known as: a. a decrease in the price of goods and services b. an increase in the price of goods and services c. a decision making strategy d. a step in the decision making process 9. What will happen when a price below equilibrium? a. supply exceeds demand b. supply and demand are equal c. demand exceeds supply d. supply and demand curves intersect 10. When demand increases, the demand curve a. shifts to the left c. becomes smooth b. shifts to the right d. becomes steep 11. Substitute goods and complementary goods are known as: a . elastic goods c. inelastic goods b. proportional goods d. related goods 12. Which statement best illustrates the law of supply? a. Declining automobiles prices leads automobile makers to reduce production. b. Declining demand for automobiles leads automobile makers to increase production. c. Increasing labor productivity leads automobile makers to decrease production. d. Increasing variable costs leads automobile makers to increase production. 13. A cost or obligation that occurs regularly and does not vary in amount, such as rent or a car payment is called a. fixed expense C. Contract b. tenant d. utility 14. When the demand for a product decreases due to changing consumer preferences, the demand curve a. shifts to the left c. remain constant b. shifts to the right d. goes upward