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Quiz 2 (WK2) - Quiz 2(WK2 1 According to the law of demand...

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Quiz 2 (WK2) 1. According to the law of demand, quantity demanded increases as __________, ceteris paribus (Points: 2) prices rise prices fall demand increases demand decreases 2. The price of pizza rises suddenly and you discover that you and your friends eat less pizza. This is due to the: (Points: 2) law of supply income and substitution effects increase in demand increase in hamburger quality 3. As your income decreased, the demand for X shifted from D1 to D2. Good X is: (Points: 2) an inferior good a normal good a luxury good an income-neutral good 4. In response to news reports drinking a glass of red wine each day can reduce an individual's risk of heart disease, there will most likely be a(n (Points: 2) increase in the demand for red wine decrease in the supply of red wine decrease in the supply of red wine increase in the quantity demanded of red wine 5. If pizza and beer are complementary goods, an increase in the price of beer will cause a movement from Point B on demand curve D2 to (Points: 2) demand curve D1
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