Which of the following statements about the law of demand is correct?Select one:a. According to the substitution effect, persons will buy more of good X when the price of good X increases, as this affects the price of X relative to the prices of other goods. b. As a result of the income effect, persons will buy less of good Y when the price of good Y increases, because the increase in the price of Y decreases the real value of their income. c. According to the law of demand, wants and needs are determined by the price of goods. d. When the price of good Z increases, an upward movement along the demand curve for good Z will take place, and the quantity demanded of good Z will increase due to the higher price.

For the following statements, please indicate whether each is true or false: A fall in the price of shoes would shift the demand curve for shoes to the right.    As the price of a product falls, the quantity demanded of that product will increase, other things equal.  According to the law of demand, there is a positive relation between price and the quantity demanded.  If the demand for potatoes increases as income decreases, economists would consider potatoes as a normal good.  If the demand for eggs decreases as the price of bacon increases, economists would consider eggs and bacon as complements.  A supply curve shows the minimum price producers are willing to charge.  The supply curve will shift upwards on a graph if the prices of inputs into production go up.

For the following statements, please indicate whether each is true or false: A fall in the price of shoes would shift the demand curve for shoes to the right.    As the price of a product falls, the quantity demanded of that product will increase, other things equal.  According to the law of demand, there is a positive relation between price and the quantity demanded.  If the demand for potatoes increases as income decreases, economists would consider potatoes as a normal good.  If the demand for eggs decreases as the price of bacon increases, economists would consider eggs and bacon as complements.  A supply curve shows the minimum price producers are willing to charge.  The supply curve will shift upwards on a graph if the prices of inputs into production go up.    Since you answered the first three based on your policy, could I please have the answer to 4,5 and 6 please

Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B increase or decrease?