What is the difference between a movement along and shift of the demand curve?
Provide an example of the role of supply and demand in decision making.
Choose a product or service. How does price elasticity of demand for this product or service affect how it is priced? How does the availability of substitutes for this product or service affect price elasticity of demand? What is the difference between a movement along and shift of the demand curve? Show the effect on the equilibrium price and quantity that results from an increase in demand, an increase in supply, or an increase in supply and demand.