Demand, Supply, Market Equilibrium a.Demand: i. Please Thoroughly and completely define demand. ii. Please state the law of demand. iii. List and thoroughly explain the 3 factors that support the law of demand. Be sure you explain how each actually supports the law of demand. iv. List and explain the determinants of demand and how each can cause an increase in demand and a decrease in demand. List and explain each of the 5 determinants and how they impact demand. v. Thoroughly and completely explain the differences between a change in demand and a change in quantity demanded along with the causes of those changes, and how each change is graphically represented. b. Supply. i.Define supply. ii. State the law of supply. iii. List and explain the determinants of supply and how each can cause an increase in supply and a decrease in supply. iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied, the causes of those changes, and how each is graphically represented. c.Market equilibrium. i. Please thoroughly and completely explain what market-clearing equilibrium means. Please be thorough. ii. Thoroughly and in detail, explain what happens when a price is above the equilibrium price, and why those things happen!!! Detail! iii. Thoroughly and in detail, explain what happens when a price is below the equilibrium price, and why those things happen!!! Detail! iv. Thoroughly and completely explain the two government intervention cases, price floors and price ceilings and give examples of each.
- Demand, Supply,
Market Equilibrium
a.Demand:
i. Please Thoroughly and completely define demand.
ii. Please state the
iii. List and thoroughly explain the 3 factors that support the law of demand. Be sure you explain how each actually supports the law of demand.
iv. List and explain the determinants of demand and how each can cause an increase in demand and a decrease in demand.
List and explain each of the 5 determinants
and how they impact demand.
v. Thoroughly and completely explain the differences between a change in demand and a change in quantity demanded along with the causes of those changes, and how each change is graphically represented.
b. Supply.
i.Define supply.
ii. State the law of supply.
iii. List and explain the determinants of supply and how each can cause an increase in supply and a decrease in supply.
iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied, the causes of those changes, and how each is graphically represented.
c.Market equilibrium.
i. Please thoroughly and completely explain what market-clearing equilibrium means.
Please be thorough.
ii. Thoroughly and in detail, explain what happens when a price is above the
iii. Thoroughly and in detail, explain what happens when a price is below the equilibrium price, and why those things happen!!! Detail!
iv. Thoroughly and completely explain the two government intervention cases,
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