When the price of a normal good increase, the substitution effect leads to ________in the quantity

purchased and the income effect leads to ________ in the quantity purchased.

an increase; an increase

an increase; a decrease

a decrease; an increase

a decrease; a decrease

When economic profit is negative,

a.totalrevenue exceeds total economic cost, and the business owners' wealth

b.the firm may not earn enough to cover the costs of using owner-supplied

c.the firm earns more than enough revenue to cover the opportunity costs of all

d.both a and c

When the price of a normal good increase, the substitution effect leads to ________in the quantity

purchased and the income effect leads to ________ in the quantity purchased.

an increase; an increase

an increase; a decrease

a decrease; an increase

a decrease; a decrease