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Describe and explain the law of demand

Assignment Help Microeconomics
Reference no: EM132137706

Question: 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

1. 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?

2. Post the above introduction to the Class Discussion Board.

• Respond to the postings of two of your classmates.

Reference no: EM132137706

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