Question 22 In an answer of at least two well-developed paragraphs, provide a definition of the law of supply, and describe the factors that will...

Question 22

In an answer of at least two well-developed paragraphs, provide a definition of the law of supply, and describe the factors that will cause a shift in the supply of a product. Provide an example of your own that illustrates how these factors affect supply.

Question 23

In an answer of at least two well-developed paragraphs, define the terms shortage and surplus and explain how each impact the prices of goods in the marketplace.

Question 24

In an answer of at least two well-developed paragraphs, explain how supply and demand work together to reach the equilibrium price in the marketplace.