7. How is the market price of a good determined? When the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? Why is this important?

15. Consurmer sumlus is: 2. The quantity of a good consumers get but did not have to pay for b. the amount a consumer has to pay less the amount the consume: was willing to pay O e amount the coORJIMa waswillingay leid ho'amouns thconsumer paid d. the total value of a good to a consum

7. How does economic conditions effect consumer behavior?

(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided.   (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%

E2

Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…

Question 3

Give typing answer with explanation and conclusion

Please answer b

to indicate the now optimum in thir case. As a result of this price change, the quantity of Raman sous capa consariod Nib meare that Ramen saup must be pood, and the incame wetect the aubstatian effect q, ponts A and 1. True or False: A cup of famen scoup bs a Gifen grod. True Fates teraostrutan efied On the preceding graph, use the blue Ane (circle symbe) to draw the colege student's new budget constraint. Then use the grey point (star symbol) to indicate the new optimum in this case. As a result of this price change, the quantity of Ramen soup cups contamed This means that Ramen soup must be good, and the income effect the substitution effect On the following graph, use the blue ine (arcie symbol) to draw the student's demand for Ramen soup by plotting the optimum information from points A and Price 400 3.50 2.00 250 230 1.30 1.00 8.50 9 13 14 16 Quantity of Ramen soup 20 22 24 True or False: A cup of Ramen soup is a Giffen good. ○ True Falea Derond E O Σ