7. True/False statements. Simply state if thestatement is true or false. No explanation required. a.

7. True/False statements. Simply state if thestatement is true or false. No explanation required. a. Prices, which are determined by all buyers and sellers asthey interact in the marketplace, allocate the economy’s scarceresources. b. The law of demand states that the quantity demanded of aproduct is negatively related to price. c. Wages of workers represent the price of the input called’labor’ and is therefore a shifter of the supply curve. d. A movement along a supply curve is called a change in supplywhile a shift of the supply curve is called a change in quantitysupplied. e. If the price of a good is above the equilibrium price, themarket will experience a shortage. f. The law of supply states that, other things equal, when theprice of a good rises, the quantity supplied of the goodincreases. g. If the income of buyers increases, the demand for all goodsand services would increase. h. Surpluses drive price down while shortages drive priceup. i. If most of the world cocoa production is on the Ivory Coast,political unrest on the Ivory Coast will cause a left shift in thedemand curve for cocoa. . . .

 

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