Posted: January 28th, 2016
There is a difference between a change in demand (or supply) and a change in quantity demanded (or quantity supplied). Answer the questions below and indicate in each of your answers if the resulting changes are changes in the quantity demanded (or supplied) or changes in demand (or supply).
A. Identify at least three determinants of demand and three determinants of supply, using one example for each determinant. For each determinant, describe what happens to the demand and/or supply curves if one of these determinants changes.
B. What happens to Supply and Demand if only price changes in the market?
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