Description
Answer all of the questions below in 2-3 paragraphs each. Your final submission should be a minimum of two (2) double spaced typed pages. 1. What is the difference between a “change in demand” and a change in “quantity demanded.” 2. What is the difference between a “change in supply” and a change in “quantity supplied.” 3. Holding demand constant, what is the only thing that can cause a change in quantity demanded? What are the things that cause a change in demand? 2 4. How do changes in income affect the demand for a good? 5. How do substitute and complementary goods affect the demand for a good?
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