Question 5 (1 point)

Which of the following will not cause the demand for product K to change?

Question 5 options:

a)	A change in the price of close substitute product J

b)	An increase in consumer incomes

c)	A change in the price of product K

d)	A change in consumer tastes

Question 6 (1 point)

Which of the following would not shift the demand curve for beef?

Question 6 options:

a)	A widely publicized study that indicates beef increases one's cholesterol

b)	A reduction in the price of cattle feed

c)	An effective advertising campaign by pork producers

d)	A change in the incomes of beef producers

Question 7 (1 point)

If the price of product K declines, the demand curve for the complementary product J will do which of the following?

Question 7 options:

a)	Shift to the left

b)

Decrease

c)	Shift to the right

d)	Remain unchanged

Question 8 (1 point)

What is wrong with the following statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period.

Question 8 options:

a)	Instead of "demand," it should read "quantity demanded."

b)	Instead of "willingness," it should read "ability."

c)	Demand refers to the willingness and ability of buyers, not just willingness.

d)	There is nothing wrong with this statement.