TRUE OR FALSE

1. When the price of a substitute rises, demand for the original good increases
2. When the price of a complement rises, demand for the original good increases.
3. When income rises, demand for an inferior good increases.
4. When income rises, demand for a normal good decreases.
5. When tastes change in favor of a good, demand for the good decreases.
6. When tastes change against a good, demand for the good decreases.
7. When the price is expected to fall in the future, demand for the good decreases today.
8. When the price of a complement falls, demand for the original good increases.
9. When the price of a good rises firms are willing to supply more of it.
10. A rise in the expected price of a good will increase supply, shifting the supply curve to the left.
11. Cost-saving technological advances increase the supply of a good, shifting the supply curve to the right.
12. The increased price of an input causes a decrease in supply causing a downward movement in the supply curve.
13. The rise in prices of baking supplies in producing loaf bread would cause a shift in the supply curve.
14. The price of onions increases sharply causing a shift in the supply curve of onions to the right.
15. The law of supply states that producers are willing to sell less of a good or service at a lower price.