True or False:
1. A decrease in the price of ice cream would cause an increase in the demand for frozen yogurt, a substitute.
2. The law of supply states that, other things being equal, the quantity supplied will vary directly (a positive relationship) with the price of the good.
3. The market supply curve for a product is the vertical summation of the supply curves for individual firms.
4. A change in the price of a good leads to a change in the quantity supplied, but not to a change in its supply.
5. An increase in supply leads to a movement up along the supply curve.
6. A decrease in supply shifts the supply curve to the left.
7. Just as demanders will demand more now if the price of a good is expected to rise in the near future, sellers will supply more now if the price of a good is expected to rise in the near future.
8. Both technological progress and cost-increasing regulations will increase supply.