1. What makes a change in quantity and change in quantity of supply different from a change in overall market demand and change in overall market supply?

2. Let's your the product of your business is a normal good. If the income of buyers in your market experience an increase in purchasing power from a rise in nominal income, what can expect will happen to market demand, the equilibrium price and equilibrium quantity?

3. Suppose their is a disruption in the supply chain of input you purchase weekly to produce your business' good or service and at the same time the number of buyers in your market increases from an increase in new home-ownership in the are. What will happen to equilibrium price and equilibrium quantity? Will the change in the equilibrium price or equilibrium quantity be in-determinant? Explain why?

4. From your daily observations in the marketplace, where have you observed an event that caused a change in market demand or market supply of a product, and what did you observe happened over time to the market price and available quantity supplied/demanded? If your observed a market shortage or a market surplus, what did you see happen to price over time to clear out the market shortage and surplus?