Answer the following statements true (T) or false (F)

Question

1) If consumers' preferences move away from candy bars, this will lead to a movement along the demand curve and a shift of the supply curve.
2) A technological advancement in the production of laundry detergent will lead to a decrease in the equilibrium price of laundry detergent and an increase in the equilibrium quantity.
3) If both the demand and the supply curves shift to the left the equilibrium quantity will fall, but the effect on equilibrium price is ambiguous without more information.
4) If the number of demanders for granite counter tops decreases at the same time as the number of suppliers of granite counter tops decreases and the shift in supply is greater than the shift in demand, both the equilibrium price and quantity of granite counter tops will fall.
5) If the number of demanders for granite counter tops decreases at the same time as the number of suppliers of granite counter tops decreases and the shift in demand is equal to the shift in supply, both the equilibrium price and quantity of granite counter tops will fall.

Answer 1

1) FALSE
2) TRUE
3) TRUE
4) FALSE
5) FALSE