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What Is Wrong? In cach of the statements below, something is vrong. Identify whät L. I he price of a good risesi, the demand forthe good witn fail rong in he space provided. 2 Consumers surplus is equal to the minimurn selling price minus the price paid 3, As income rises, demand for à nomal good rises as income fall, denand for an inferior good falls. 4. The supply curve for Picasso paintings is upward-sloping. 5. As price rises, supply rises; as price falls, supply falls.
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Answer #1

Q1. All other factors being held constant, if the price of good increases, demand for the good will decrease or vice versa
Q2. Consumer surplus is the willingness to pay for the good minus the price of the good
Q3. As income rises, demand for a normal good rises, as income falls, demand for an inferior good rises
Q4. The supply curve for Picasso paintings is a vertical line
Q5. As price rises quantity supplied rises, as price falls quantity supplied falls

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