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1. (0.5 points) What do you think happens to the demand for snow removal services during the summer? Why? 2. (0.5 points) Consider the law of demand in the context of a convenience store supplying bottles of kombucha, which are normally priced at $2.50. a. According to the law of demand, what happens when the price (and only the price) for energy drinks rises above $2.50? Why? b. According to the law of demand, what happens when the price (and only the price) for energy drinks dips below $2.50? Why? 3. (0.5 points) In your own words, describe the difference between a change in demand and a change in quantity demanded. 4. (1 point) a. How does quantity supplied compare to quantity demanded when price rises above the equilibrium price? What do economists call this scenario? b. How does quantity supplied compare to quantity demanded when price falls below the equilibrium price? What do economists call this scenario? 5. (0.5 points) "Even if the ceteris paribus assumption is violated, the laws of supply and demand are still guaranteed to hold." Is the previous statement true or false