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1. What microeconomic law states that all other factors being equal, as the price of a good or service increases, consumer demand for the goods or services will decrease and vice versa? A.Ceteris paribus C. Law of Supply B.Law of Demand D. Law of Supply and Demand 2. Which law states that all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase? A.Ceteris paribus C. Law of Supply B.Law of Demand D. Law of Supply and Demand 3. What economic term refers to the willingness of the consumer to buy a commodity at a given price? A. Demand B. Equilibrium C. Price D. Supply 4. What economic term refers to the quantity of goods that the seller is willing to offer for sale? A. Demand B. Equilibrium C. Price D. Supply​