1). What is the Law of Demand Differentiate between what causes a movement along the demand curve versus what causes a shift of the demand curve.

2). What is the Law of Supply Differentiate between what causes a movement along the supply curve versus what causes a shift of the supply curve. 

3). The price of a bag of sugar that was $300 last year is $400 today The demand curve for sugar must have shifted rightward between last year and today Is this statement true or false. 

4). A Dell computer is a substitute for an HP computer What happens to the demand for HPs and the quantity demanded of Dells as the price of a Dell computer falls. 

5). If a local retailer that sells Appleton Rum expects the price of this product to decrease in the future Explain what will happen to demand, supply, equilibrium price and equilibrium quantity. 

6). As Covid19 spreads across the world, governments have been implementing measures to protect their people In the Caribbean it is no different, and as such, there is an urgent need for testing kits Explain, with the aid of a diagram, what happens in the market for testing kits.

Answer rating: 100% (QA)

Answers 1 Definition The law of demand states that other factors being constant cetris peribus price and quantity demand of any good and service are i... View the full answer