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which setences are false, and why they are false? 1. The demand curve tells us the quantities that consumers buy at each price level. 2.

which setences are false, and why they are false?

1. The demand curve tells us the quantities that consumers buy at each price level.

2. The concept of the supply function is identical to that of the supply curve: the only difference is that the first is expressed by means of a mathematical formula and the second by a graph.

3. If good X is inferior, as income increases, its demand curve will shift to the left.

4. If the price of gasoline decreases, expect the demand curve for automobiles to shift to the left.

5. If the price of a substitute good for the one we are considering increases, the demand curve for the good in question shifts to the left.

6. A market is in economic equilibrium when the quantities purchased coincide with the quantities sold.

7. As production costs increase, the supply curve of a good shifts to the left.

8. If a maximum price is set lower than market equilibrium, a shortage will appear.

9. If a minimum price is established below the equilibrium price, a surplus appears.

10. A technological upgrade increases the market equilibrium quantity and price.

11. As the price of a good increases, its supply curve shifts to the left.

12. If a fixed-amount sales tax is introduced, the supply curve will be

shifts upward in the amount of the tax.

13. If the quantity demanded is higher than the quantity supplied and the price cannot vary, consumers will buy a quantity equivalent to the quantity supplied.

14. Complementary goods are those that can separately satisfy the same need.

15. The burden of a sales tax is always fully borne by consumers.

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