Question 13(1 point)

Which of the following will reduce the amount of product purchased if the price of the product is increased?

Question 13 options:

a)	Supply curves are upsloping.

b)	The higher price means that real incomes have risen.

c)	Consumers will substitute other products for the ones whose price has risen.

d)	Consumers will substitute relatively high-priced products for relatively low-priced products.

Question 14(1 point)

Use the graph below to answer question 14.

Refer to the graph above. Which of the following is the equilibrium price and quantity in this market, respectively?

Question 14 options:

a)	$1.00 and 200

b)	$1.60 and 130

c)	$0.50 and 130

d)	$1.60 and 290

Question 15(1 point)