Question 13 (1 point) Listen The law of supply states that, all else equal, when price increases supply will increase. O supply will decrease. quantity supplied will increase. quantity supplied will decrease.Question 9 (1 point) ) Listen Supply is represented graphically by a single point on a supply curve, associated with a particular price. represented graphically by the entire supply curve. shown graphically by a downward-sloping curve. dependent upon demand.Question 7 (1 point) Listen Total producer surplus is found by summing the individual consumer surplus values for all buyers who buy at a given price. multiplying the individual producer surplus values for all suppliers to sell at a given price. summing the individual consumer surplus values for all buyers who buy and the individual producer surplus values for all seller who sell at a given price. O summing the individual producer surplus values for all suppliers who sell at a given price.Question 8 (1 point) Listen All of the following are likely sold in perfect competitive markets except: strawberries O lettuce oranges O potato chipsQuestion 11 (1 point) ) Listen In a perfectly competitive market the industry demand curve is downward sloping, but the demand curve for an individual firm is perfectly elastic. both the industry demand curve and the demand curve for an individual firm are downward sloping. the industry demand curve is perfectly elastic, but the demand curve for an individual firm is downward sloping. both the industry demand curve and the demand curve for an individual firm are perfectly elastic.Question 12 (1 point) Listen An decrease in quantity supplied O cannot be caused by a change in price. O is not related to a change in price. is caused by an increase in price. O is caused by a decrease in price.Question 5 (1 point) ) Listen All of the following are characteristics of perfect competition except: Individual firms have no control over price. There are many firms selling identical products. There are many firms selling differentiated products. There is free entry and exit