Why does an individual demand curve normally slope down

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Reference no: EM1369090

Q. 1. Why does an individual's demand curve normally slope down? Why does a market demand curve normally slope down?

2. Why does a firm's supply curve normally slope up? Why does a market supply curve normally slope up?

3. What is significance of point where supply and demand curves intersect?

4. Explain why, if price of a good is above equilibrium price, forces of supply and demand will tend to push price toward equilibrium. Explain why, if price of good is below equilibrium price, market will tend to adjust toward equilibrium.

5. Name some factors that could shift demand curve out to right.

6. Name some factors that could shift supply curve in to left.

Reference no: EM1369090

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