Suppose that, upon changing jobs, you experience an increase in income (otherwise, why change jobs?). If, as a result, you decide to purchase more sushi and fewer hamburgers, then hamburgers for you are a(n) good. 0 normal 0 substitute 0 complementary O inferior p The graph represents the market for breakfast cereals. Now, suppose that one of the industry's major suppliers of breakfast cereal has decided to exit the market to focus on its snack foods. At the same time, the average price of cereal has increased and the total amount of cereal sales has increased. Manipulate the graph to demonstrate these changes in the market for cereal. Price Demand Quantity A competitive market is a market in which there are man bu ers and few sellers of the same ood or service. y y g Q a market in which there are few buyers and many sellers of the same good or service. 0 a market in which there are many buyers and many sellers of the same good or service. 0 a market in which there are few buyers and sellers of the same good or service. In general, when consumers wish to purchase more goods and services than are readily available, the economy tends to see inflation. Which economic principle does this statement BEST represent? When markets don't achieve efficiency, government intervention can improve society's welfare. There are gains from trade. Government policies can change spending. O Overall spending sometimes gets out of line with the economy's productive capacity