Demand and Supply

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?

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