1. Supply & Demand a) Whose behavior is reflected in the Demand Curve? b) Whose behavior is reflected in the Supply Curve? c) Law of Demand: d) Law of Supply: Price ($) Supply (5) Equilibrium Demand (D) Q Quantity e) What is significant about Market Equilibrium? Please briefly describe. f) In the event of a surplus, what needs to happen to bring the market into equilibrium? g) In the event of a shortage, what needs to happen to bring the market into equilibrium? h) Explain the relationship between the Law of Supply and Demand and market equilibrium. i) Name the Four Factors - describe them - that Cause the DEMAND CURVE to shift: 1. I 2. 3. 4. j) Name the Four Factors that Cause the SUPPLY CURVE to shift: 1. 2. 3. 4. k) Which variable(s) will trigger a movement along a plotted curve instead of a shift of the curve? 1) Please define the relationship between SUBSTITUTE products. m) Please define the relationship between COMPLEMENTARY products