the equilibrium level, would you predict a surplus or a shortage? Why?

19. When the price is above the equilibrium, explain how market forces move the market price to equilibrium.

Do the same when the price is below the equilibrium.

20. What is the difference between the demand and the quantity demanded of a product, say milk? Explain in

words and show the difference on a graph with a demand curve for milk.

21. What is the difference between the supply and the quantity supplied of a product, say milk? Explain in

words and show the difference on a graph with the supply curve for milk.

22. When analyzing a market, how do economists deal with the problem that many factors that affect the

market are changing at the same time?

23. Name some factors that can cause a shift in the demand curve in markets for goods and services.

24. Name some factors that can cause a shift in the supply curve in markets for goods and services.
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