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QUESTION 5 For almost all goods, the: O A higher the price goes, the more luxurious it is. O B- lower the price goes, the higher the quantity demanded. O G lower the price goes, the lower the quantity demanded. O D. higher the price goes, the higher the quantity demanded. QUESTION 6 Fruit orchard determine that setting up beehives on their property increases their fruit yield and they quickly adopt this. Which of the following will happen in the market for fruit? O A The demand for fruit will increase. O B. The supply of fruit will increase. O C. The demand for fruit will decrease O D. The supply of fruit will decrease QUESTION 7 The tragedy of the commons arises from: O A the good being rival O B. the good being excludable. O C the combination of rivalry and nonexcludability OD the combination of rivalry and excludability. QUESTION & Public goods, when left to the private market will be: O A over consumed. O B. under consumed C oversupplied O D. undersupplied