day 9 Flashcards
1
Q
what are the laws of supply and demand?
A
.
2
Q
What factors affect supply and demand?
A
.
3
Q
what is the relationship between individual and market demand (and supply)?
A
.
4
Q
what market equilibrium?
A
.
5
Q
what causes shortages and surpluses to exist, and how how can government encourage or discourage shortages and surpluses?
A
.
6
Q
How do shifts in supply and demand affect equilibrium?
A
.
7
Q
What is meant by the “informational role of prices”
A
provide information
8
Q
What is the difference between price and value?
A
.
