Question: Describe the relationship between price and quantity demanded using the law of demand. Describe the relationship between price and quantity supplied using the law of

  • Describe the relationship between price and quantity demanded using the law of demand.
  • Describe the relationship between price and quantity supplied using the law of supply.
  • Explain how a change in a supply determinant impacts a good's supply curve.
  • Explain how simultaneous changes in demand and supply impact market equilibrium.
  • Explain how changes in demand impact market equilibrium.
  • Explain how changes in supply impact market equilibrium.
  • Explain how price changes eliminate a surplus or shortage.

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