QUESTION 1

Demand for and price of a product will increase When price of a substitute good declines.

True

False

10 points

QUESTION 2

When consumers' income rises and costs of production rises at the sometime, price of a normal good rises.

True

False

10 points

QUESTION 3

When costs of production rises, supply of goods and services decline and prices increase.

True

False

10 points

QUESTION 4

Supply of a product rises, its price declines, when costs of production decline.

True

False

10 points

QUESTION 5

Demand for and price of a product will increase When price of a complementary good declines.

True

False

10 points

QUESTION 6

Demand for an inferior good declines when consumers' income rises.

True

False

10 points

QUESTION 7

Demand for and price of a product will increase When price of a substitute good increases.

True

False

10 points

QUESTION 8

When consumers' income declines, demand for a normal good and its price also decline.

True

False

10 points

QUESTION 9

When consumers' income rises, demand for an inferior good declines.

True

False