Law of Demand and Supply

Q .1:Define and explain Law of Demand by using example? What makes the demand curve to shift rightward/leftward? Discuss at least 3 factors that shift demand curve.                                                                               (4 marks)

 

 

 

 

 

 

 

Q.2:Define and explain Law of Supply by using example? What makes the supply curve to shift rightward/leftward? Discuss at least 3 factors that shift supply curve.                                                                            (4 marks)

 

 

 

 

 

 

Q.3:Explain opportunity cost/trade off when people make decisions in economics?Also discuss equity and efficiency?                                              

 

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