3.04a Supply and Demand Assignment

Part I: What is the law of supply? What is the law of demand? How are they related?

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

Part II: Select either supply or demand, then select any one determinant that could shift that line. (For example, if you are looking at demand, you might assume that people have become more interested in a product due to advertising.) Explain which line you are addressing and what is happening, then draw that shift on the graph. You will have two lines for the one you are addressing and one of the other. (For example, if demand is shifting, you will have two demand lines and only one supply line in the graph.)

_____________________________________________________________________________

_____________________________________________________________________________

TranscribedText