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STRAYER UNIVERSITYECO 100WEEK 2 CHAPTER 3 QUIZ1. The quantity demanded of a product increases asthe price of the product falls.2. The Law of Demand can be explained asthe higher the price, the smaller the quantity demanded,ceteris paribus.3. A supply curve is defined as the relationship betweenthe price of a good and the quantity that producers are willing to sell.4. The Law of Supply states thatthere is a positive relationship between price and quantity supplied,ceteris paribus.5. When consumers are willing to buy more than producers are willing to sellthere is excess demand for the product in the market.6. Suppose that the quantity demanded for cars exceeds the quantity supplied of cars. We