Problem
1. Why does the demand curve slope downward?
2. Why does the supply curve slope upward?
3. If you were a seller, why would you want to limit supply-either by keeping out new market entrants or by establishing production quotas for everyone? Show this graphically. And why would you hate that if you were a consumer?
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.