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What does the law of demand states

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Reference no: EM132270338

Please answer the following - Economics review

1. What does the law of demand states?

2. What is a normal good? What is the impact of an increase or decrease in income on the demand on normal goods?

3. Why does the quantity demanded go down when the price of a good increase?

4. What are surplus and shortage in the market?

5. What are the factors that shift the demand and supply curves?

6. What is a market equilibrium?

7. When you draw a demand curve which factors held constant which factor not held constant?

8. What is the law of supply?

9. If the supply of a product decreases and the demand for that product simultaneously increases, what would happen to the equilibrium price and quantity?

10. What is the impact of an increase in the wage of workers (one of the inputs of production) on the supply curve?

11. What is the impact of an increase in the price of a substitute on the demand curve?

12. What is the impact of a decrease in the price of a complement on the demand curve?

13. What is complement good? What is a substitute good?

14. What is the difference between a movement along the demand curve and change/shift in the demand curve?

Reference no: EM132270338

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