pletion Status: QUESTION 6 If a decrease in income leads to a decrease in the demand for iced coffee, then iced coffee O a. a complement O b. a neutral good O c. a necessity O d. a normal good QUESTION 7 Suppose that when the price of strawberries decreases, James decreases his purchases of grap O a. strawberries and grapes are substitutes. O b. strawberries and grapes are normal goods. O c. strawberries and grapes are inferior goods. O d. strawberries and grapes are complements QUESTION 8 13. If in d. 14. Which o a. a b. owing popularity of factory outlet stores affected the m es? and curve for clothing at retail department stores shift and curve for clothing at retail denaTime: 28 minutes, 53 seconds. Question Completion Status: QUESTION 1 Which of the following describes perfectly competitive market? O a. There are many sellers but few buyers. O b. There are many buyers but few sellers. O c. There are many buyers and sellers. O d. There are many sellers but only one buyer. 4 QUESTION 2 The law of demand implies, holding everything else constant, that as the price of corn O a. increases, the quantity of corn demanded will decrease. O b. decreases, the demand for corn will increase. O c. decreases, the quantity of corn demanded will decrease. O d. increases, the demand for corn will increase. QUESTION 3 ( n ) is represented by a movement up along a given deman a. decrease in demand; decrease in quantity demanded 13. b. decrease in quantity demand