Question 11 (4 points) Quantity Refer to the figure above, at a price of $5, the quantity sold is 2 units. is 4 units. is 6 units. cannot be determined.Question 8 (4 points) Da Demand. D Quantity Refer to the figure above, if the product represented is an inferior good, an increase in income would be represented by a movement from? A to B OB to A D2 to D1 D1 to D2Question 10 (4 points) Graph A Graph B Graph C Tomatoes Tomaloes Refer to the figure above, Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in the figure above represent his production possibilities frontier? O Graph A Graph C C Graph B C Either Graph B or Graph CQuestion 9 (4 points) The Internet has created a new category in the book selling market, namely, the "barely used" book. How does the availability of barely used books affect the market for new books? The demand curve for new books shifts to the right. The demand curve for new books shifts to the left. The supply curve for new books shifts to the left. The supply curve for new books shifts to the right.Question 3 (4 points) What will happen to the equilibrium price of new textbooks if more students attend university, paper becomes cheaper, textbook authors accept lower royalties, and fewer used textbooks are sold? price change will be ambiguous. O price will rise. O price will fall. price will stay exactly the same. Question 4 (4 points) Cashews (pounds) (bolts) 120 Colton (bolts) The figure above shows the production possibilities frontiers for Pakistan and Indonesia. Each country produces two goods, cotton and cashews. Which country has a comparative advantage in the production of cashews? They have equal productive abilities. Pakistan O Indonesia Neither countryQuestion 12 (4 points) Graph A Graph B Graph C Tomatoes Tomaloes Tomatoes Strawben Strawber Refer to the figure above, Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in the figure above represents his production possibilities frontier? Graph B Graph C C Graph A Either Graph A or Graph BQuestion 5 (4 points) Market demand is given as Qd = 300 - 0.5P. Market supply is given as Qs = 50 + 2P. What would result if the market price were $50? a shortage of 100. a surplus of 125. a shortage of 125. a surplus of 100. Question 6 (4 points) Market demand is given as Qd = 190 - 2P. Market supply is given as Qs = P + 10. In a perfectly competitive equilibrium, what will be price and quantity traded in the market? price will be $70 and quantity will be 60. price will be $30 and quantity will be 35. price will be $95 and quantity will be 10. price will be $60 and quantity will be 70.Question 7 (4 points) If a firm expects that the price of its product will be higher in the future than it is today, then the firm will go out of business. the firm has an incentive to increase supply now and decrease supply in the future. O the firm has an incentive to decrease supply now and increase supply in the future. O the firm has an incentive to decrease quantity supplied now and increase quantity supplied in the future.Question 1 (4 points) Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that O tarot card readers are deliberately charging high prices because they provide services for superstitious clients. the law of demand has been violated. the demand for tarot card readers has increased. the number of tarot card readers has increased. Question 2 (4 points) Let D = demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged? S decreases, D no change, P increases, Q decreases. D no change, S decreases, P increases, Q increases. D decreases, S no change, P and Q decrease. D and S decrease, P and Q increase