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QUESTION 1
a. Define demand, quantity demanded, supply, quantity supplied.
b. Provide examples (one for each) of events that would cause quantity demanded and quantity supplied to increase.
c. Provide examples (one for each) that would cause supply and demand to increase.
d. Provide an example that would cause a surplus to exist in the market.
e. Provide an example that would cause a shortage to exist in the market.
f. Provide an example that would cause the price equilibrium and price equilibrium to increase in a market.
g. Provide an example that would cause the price equilibrium to increase and the price equilibrium to decrease in a particular market.
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