Explain why it's that answer

4) An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket? AX B MRSxy = Px/PY. maximum we ceing 8 10) The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.? (6) $3.2% 14) When the current price is above the market-clearing level we would expect: A) quantity supplied to exceed quantity demanded. 17) Sugar can be refined from sugar beets. When the price of those beets falls, from For2 (B) the supply curve for sugar would shift right. 1 -LA --LL Price D, Quantity Figure 2.5.1 18) Refer to Figure 2.5.1 above. If close substitutes are difficult to find in the short run, which of the demand curves in the figure best represents market demand in the short run? A) D1