Answer:
1. The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. ... Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls.
2. The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied. Supply curves and supply schedules are tools used to summarize the relationship between supply and price.
3. A movement refers to a change along a curve. On the demand curve, a movement denotes a change in both price and quantity demanded from one point to another on the curve. ... In other words, a movement occurs when a change in the quantity demanded is caused only by a change in price, and vice versa.
4. a shift in a demand or supply curve occurs when a good's quantity demanded or supplied changes even though price remains the same.
5. It is the function of a market to equate demand and supply through the price mechanism. ... Thus, there is a tendency to move toward the equilibrium price. That tendency is known as the market mechanism, and the resulting balance between supply and demand is called a market equilibrium.
6. The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded.
Explanation:
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