Problem 1: If the price of a product or service goes down, the demand will go up. Or, if the price goes up, the demand will go down.
How does the law of demand relate to the price and demand for gasoline in the United States? Does this law accurately reflect reality? Use current research, personal experiences, and economic concepts to state your response.
Problem 2: The United States is one of the wealthiest nations on earth, yet our fundamental economic problem is scarcity. How can this be?