a. each good he purchases will remain unchanged. b. normal goods will decrease.

Question

a. each good he purchases will remain unchanged.

b. normal goods will decrease.

c. luxury goods will increase.

11. Alyssa rents 5 movies per month when the price is $3.00per rental and 7 movies per month when the price is $2.50 perrental. Alyssa’s demand demonstrates the law of

a. price.

b. supply.

c. demand.

d. expectations.

18. If a surplus exists in a market we know that the actualprice is

a. above equilibrium price and quantity supplied is greater thanquantity demanded.

b. above equilibrium price and quantity demanded is greater thanquantity supplied.

c. below equilibrium price and quantity demanded is greater thanquantity supplied.

d. below equilibrium price and quantity supplied is greater thanquantity demanded.

Explanation / Answer

7. B 11. D 18. C

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