Supply, Demand and Equilibrium.docx - Supply Demand and Equilibrium TOTAL POINTS 18 1.Question 1 The Law Of Demand states that 1 The lower the price

Supply, Demand and Equilibrium.docx - Supply Demand and...

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Supply, Demand and Equilibrium TOTAL POINTS 18 1.Question 1 The Law Of Demand states that:1. The lower the price, ceteris paribus, the more units a consumer will demand.2. The higher the price, ceteris paribus, the less the consumer will demand.Both 1 and 2 Don’t know 1 point 2.Question 2 Don’t know 1 point 3.Question 3 Why does quantity demanded tend to fall as price rises? The Substitution Effect
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The Income Effect Both 1 and 2 Don’t know 1 point 4.Question 4 Don’t know 1 point 5.Question 5 Don’t know
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1 point
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