A decrease in the price of a good will

a$.$ shift the demand curve to the right.

b$.$ shift the demand curve to the left.

c$.$ increase quantity demanded.

d$.$ decrease quantity demanded.

Soup is an inferior good if

a$.$ the demand for soup falls when the price of a substitute for soup rises.

b$.$ the demand for soup rises when the price of soup falls.

c$.$ the demand curve for soup slopes upward.

d$.$ the demand for soup falls when income rises.

Suppose that demand decreases and supply decreases. What would you expect to occur in the market for the good?

a$.$ Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.

b$.$ Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.

c$.$ Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.

d$.$ Both equilibrium price and equilibrium quantity would increase.

The market for artificial sweeteners is valued at $7$ billion USD. Which of the following will shift the demand for artificial sweeteners to the right?

a$.$ A decrease in the price of artificial sweeteners.

b$.$ An increase in the price of artificial sweeteners.

c$.$ An increase in the market price of sugar.

d$.$ A decrease in consumer incomes if artificial sweeteners are a normal good.

Consider a market where demand is described by the equation $Q=80-10P$ and supply is described by the equation $Q=10+5P.$ At a price of $$7,$ which of the following is true?

a$.$ The market is in equilibrium.

b$.$ Quantity supplied equals quantity demanded.

c$.$ There is a surplus of $35$ units.

d$.$ There is a shortage of $35$ units.