r: 5:011\"- [Sr-h) Refer to the above figure. The gure depicts the individual demands of the only three consumers in the market for good X. After constructing the market demand curve, we determine that quantity demanded at a price of 3:10.000 is: Select one: 0 a. 15 units 0 b. 18 units O c. 30,000 units 0 d. None of the above Suppose the price of a good rises. Then consumers tend to buy less of the good that has become more expensive and more of those goods that are now relatively cheaper. This fact is called: Select one: 0 a. the wealth effect. 0 b. the price effect. 0 c. the substitution effect. 0 d. the income effect. Which of the following is true regarding income along a price-consumption curve? Select one: O a. The level of income depends on the level of utility. O b. Income is constant. O c. Income is increasing. O d. Income is decreasing.Clothing Cunits pur month) Food (units per month) Refer to the above figure. The effect of a decrease in the price of food, as depicted in the figure, leads us to believe that: Select one: O a. food is a normal good and clothing a Giffen good. O b. food is an inferior good and clothing a Giffen good. O c. food is a Giffen good and clothing a normal good. O d. food is a Giffen good and clothing an inferior good. In the labour-leisure choice model we saw in class, the labour supply curve will be upward sloping when leisure is inferior. Select one: O True O FalseClething lumits per 12 Food (units per month Refer to the above figure. In the upward-sloping portion of the curve that connects points A, B and D, the two goods, food and clothing, are: Select one: O a. complements. O b. independent. O c. unrelated. O d. substitutes. Clothing funits per month Food units per month Refer to the above figure. Starting at point A, which of the following represents the substitution effect of a decrease in the price of food? Select one: O a. The move from A to B, and then to C b. The move from A to C, and then to B O c. The move from A to B O d. The move from A to CAssume standard preferences Which of the following is true concerning the substitution effect of a decrease in price? Select one: Q a. It always Will lead to an increase in consumption. O ti. It will lead to an increase in consumption only fora Gitfen good. C: c It will lead to an increase in consumption only toran interior good C] d. It will lead to an increase in consumption only fora normal good. Suppose the price of beer increases and you View beer as an inferior good. The substitution effect results in a change in beer consumption, and the income effect leads to a change in beer consumption. Select one: 0 a. positive: negative C: h. negative; positive (:1 c. positive; positive Q d. negative: negative rundown; penal-ml" Refer to the above figure. From the information in the figure we can obtain: Select one: U a. a series of points on a demand curve. 0 h. a price-consumption curve. C? c. a point on a demand curve. 0 d. an incomeetonsumption :urve