If a firm successfully price discriminates, it increases i. consumer surplus. ii. deadweight loss. iii. economic profit

How will consumers generally react to an increase in the price of butter?

a. They will purchase a larger quantity of butter. b. They will substitute other goods like margarine for the more expensive butter. c. They will reduce their purchases of substitute goods like margarine. d. They will continue purchasing the same quantity of butter at the higher price.

If something happens to alter the quantity demanded at any given price, then

a. the demand curve becomes steeper. b. the demand curve becomes flatter. c. the demand curve shifts. d. we move along the demand curve.