QUESTION 1
a.Define demand, quantity demanded, supply, quantitysupplied.
b.Provide examples (one for each) of events that would causequantity demanded and quantity supplied to increase.
c.Provide examples (one for each) that would cause supply anddemand to increase.
d.Provide an example that would cause a surplus to exist in themarket.
e.Provide an example that would cause a shortage to exist in themarket.
f.Provide an example that would cause the price equilibrium andprice equilibrium to increase in a market.
g.Provide an example that would cause the price equilibrium toincrease and the price equilibrium to decrease in a particularmarket.
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