1. Explain the law of supply.Why does a supply curve slope upward?Explain the law of demand. Why does the demand curve slope downward?

2.Suppose the total demand for soybeans and the total supply of soybeans per month in the Kansas City grain market are as follows:

Thousands Price Thousand Surplus (+) of bushels per of bushels or demanded bushel supplied shortage (-) 95 $3.75 82 90 4.25 83 85 5.00 85 80 5.50 87 75 6.30 89 70 7.90 91