Problem
1. List four shift factors of demand and explain how each affects demand.
2. Distinguish the effect of a shift factor of demand on the demand curve from the effect of a change in price on the demand curve.
3. State the law of supply. Why is price directly related to quantity supplied?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.