Q. Prepare a Word document that addresses each of the following questions as well as submit to your instructor.
Some economists believe that supply determines what happens to demand as well as while others believe demand as well as determines what happens to supply. Clarify both sides with examples.
The supply as well as demand as well as for one product can affect the supply as well as demand as well as for complementary items. Clarify as well as give examples.
The supply as well as demand as well as for one product can affect the supply as well as demand as well as for substitute items. Clarify as well as give examples.
What is "Elasticity?" Identify products which have an elastic demand as well as. Identify products which have an inelastic demand. Identify products with a unitarily elastic demand. Clarify what this means for all three.
A lot of rules in Economics are based off of having perfect competition. What is this? What does it mean to have an imperfectly competitive market? Clarify with examples.