Answer to Question 1
The law of supply says that the amount of a product supplied is directly related to price: the higher the price, the more supplied. For example, if a product can be sold at a higher price, entrepreneurs might consider entering the market and companies already producing the product may be able to expand production. The law of demand says that the amount of a product demanded relates inversely to price: the lower the price, the more demanded. For example, if a sports fan enjoys hockey, she might attend one game during the season if the ticket price is 50 . If the ticket price was only 25, she might be willing to attend two or more games.
Answer to Question 2
The three business cycles are prosperity, recession, and recovery. Prosperity is a time of higher incomes, increased production, and lower unemployment. This is the best time to look for a new job because there are more available jobs and less competition. Recession is a time of increasing unemployment when consumers decrease spending and create fewer opportunities for businesses to sell their products. This is the most difficult time to look for a job because competition for the best available jobs is at its peak. This is the time when marketing yourself is especially important. Recovery occurs when employment and business opportunities begin to increase again because consumers start spending more money.
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...