Problem
1. Explain the law of demand. Why does a demand curve slope downward? How is a market demand curve derived from individual demand curves?
2. What are the determinants of demand? What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a change in the quantity demanded, noting the cause(s) of each.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.