Assignment:
Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
Guided Response: Review the discussion board posts of your classmates. Note their analysis of a recent purchase and respond to at least two of your classmates. In your responses, discuss the effects of a price change and how it might alter your decision to make a purchase, according to the determinants of supply or demand.