1) What is the law of demand? a) As the price of a good increases, the quantity demanded increases. b) As the price of a good decreases, the quantity demanded decreases. c) As the price of a good increases, the quantity demanded decreases. d) As the price of a good decreases, the quantity demanded increases. 2) Which curve shows the relationship between price and the quantity of a good that producers are willing to supply? a) Demand curve b) Supply curve c) Equilibrium curve d) None of the above 3) What is the result of an increase in demand while supply remains constant? a) Price decreases b) Quantity decreases c) Price increases d) Quantity increases 4) Which factor can cause the supply curve to shift? a) A change in consumer preferences b) A change in production technology c) A change in the price of a substitute good d) A change in the price of the good itself 5) What is the point where the supply and demand curves intersect? a) Surplus b) Shortage c) Equilibrium d) None of the above

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