iv$.$ Decrease in the price of a good or service can: $(2$ points$)$

a$.$ Shift the supply curve.

b$.$ Shift the demand curve.

c$.$ Decrease the quantity supplied.

d$.$ None of the above

v$.$ Consumers who purchase whole milk have the option of purchasing soy milk instead. This makes soy milk: $(2$ points$)$

a$.$ A complement in consumption.

b$.$ A complement in production

c$.$ A substitute in consumption.

d$.$ A substitute in production.

vi$.$ As income increases, the consumption of SPAM decreases. This makes SPAM a$($n$)$:

$(2$ points$)$

a$.$ Normal Good

b$.$ Inferior Good

c$.$ Luxury Good

d$.$ Necessity Good

vii. As income increases, consumers purchase more expensive wines at an increasing rate. This makes these more expensive wines a: $(2$ points$)$

a$.$ Inferior Good

b$.$ Necessity Good

c$.$ Regular Good

d$.$ Luxury Good

The Law of Supply refers to the: $(2$ points$)$

a$.$ The negative relationship between price and the quantity supplied.

b$.$ The negative relationship between income and the quantity supplied.

c$.$ The positive relationship between price and the quantity supplied.

d$.$ The positive relationship between income and the quantity supplied.

measures the welfare of the consumers. $($Circle one$)(2$ points$)$

a$.$ Producer surplus.

b$.$ Consumer surplus.

c$.$ Demand