The following sets of statements contain common errors. Identify and explain each error: Demand increases, causing prices to rise. Higher prices...

The following sets of statements contain common errors. Identify and explain each error:a. Demand increases, causing prices to rise. Higher prices cause demand to fall. Therefore, prices fall back to their original levels.b. The supply of meat in Russia increases, causing meat prices to fall. Lower prices always mean that Russian households spend more on meat.