1)A decrease in demand is, graphically, represented by: a) An outward shift in the demand curve. b) An inward shift in the demand curve. c) A movement up and to the left along a demand curve. d) A movement down and to the right along a demand curve. 2) Good X and good Y are substitutes. Holding all other things constant, this means that when the price of good X increases, the: a) demand for good X will increase. b) demand for good Y will increase. c) demand for both good X and good Y will increase. d) demand for good Y will decrease. 3) A newspaper story recently reported that the price of new cars, a normal good, has decreased and the quantity of new cars sold has dropped. The new price and quantity could have been caused by: a) a decrease in buyers' incomes. b) an increase in buyers' incomes. c) an increase in production costs. d) a decrease in production costs. 4) A binding price ceiling is designed to: a) keep prices below the equilibrium level. b) increase the quality of the good