True or False:
1. Differences in the conditions under which the exchange between buyers and sellers occurs make it difficult to precisely define a market.
2. All markets are effectively global in scope.
3. The relationship between price and quantity demanded is inverse or negative.
4. The market demand curve is the vertical summation of individual demand curves.
5. A change in a good's price does not change its demand.
6. A change in demand is illustrated by a shift in the entire demand curve.
7. Because personal tastes differ, substitutes for one person may not be substitutes for another person.
8. Two goods are complements if an increase in the price of one causes an increase in the demand for the other.
9. Those goods for which falling income leads to decreased demand are called inferior goods.
10. Either an increase in the number of buyers or an increase in tastes or preferences for a good or service will increase the market demand for a good or service.