The law of demand states that as prices increase the quantity demanded decreases. The law of supply states that as prices increase the quantity supplied increases. Using these two laws please answer the following questions:
- Explain how changes in prices result in a downward sloping demand.
- Explain how changes in prices result in an upward sloping supply.
- What will happen when consumer demand equals producer supply?
Make certain that you include in your explanation the concept of market equilibrium.
Answer each of these questions with at least 3 well-developed paragraphs.
Please be sure to validate your opinions and ideas with citations and references in APA format – if applicable.
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