1.What is demand?

2.Describe the five determinants of demand. Give an example of a situation in which each determinant shifts the demand curve either to the left or to the right. In each case what does that shift mean?

3.What is supply?

4.Describe the six determinants of supply. Give an example of a situation in which each determinant shifts the supply curve either to the left or to the right. In each case, what does that shift mean?

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1 The demand means the quantity of a good demanded by consumers at a given price at a given point of time ceteris paribus The demand should be necessarily backed by willingness to pay There is indirec... View the full answer