Assignment:
Purpose
To assess your ability to:
1. Describe and explain the law of demand
2. Describe and explain the law of supply
3. Explain the role of price in reaching a market equilibrium
Action Items
Post a real-world example of how a change in demand resulted in a change in the market price. Provide a second example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?
Post the above introduction to the Class Discussion Board.
Respond to the postings of two of your classmates.