Unit 2 Assignment – Law of Supply and Demand (Assessment for CLO 3) PRINCIPLES OF MICROECONOMICS
jmjewettUnit 2 Assignment – Law of Supply and Demand (Assessment for CLO 3)
Estimated time to complete: 5 hours
Instructions
The law of demand states that as prices increase the quantity demanded decreases. The law of supply states that as prices increase the quantity supplied increase. Using these two laws please answer the following questions:
- Explain how changes in prices result in a downwards sloping demand.
- Explain how changes in prices result in an upward sloping supply.
- What will happen when consumer demand equals producer supply?
- Make certain that you include in your explanation the concept of market equilibrium.
Answer each of these 3 questions with at least 3 well developed paragraphs.
Please be sure to validate your opinions and ideas with citations and references in APA format – if applicable.
Create your work into a Microsoft Word document and submit it through the assignments tab.
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