Problem
1. Would you expect a shift in supply to have a greater effect on equilibrium quantity in the short run or in the long run? Explain your answer.
2. Would a shift in demand have a greater effect on the percentage change in equilibrium quantity for a straight line supply curve that intersects the quantity axis or the price axis?
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.