Assume that the market for chocolates is in equilibrium.

a) Draw this market in a demand and supply diagram.

b) Now show and explain the effects of a decrease in income on the market for chocolates - explain in detail the movements of the curve and the movements along the curve(s).

c) Give three reasons why a demand curve would shift and the directions it would shift in.

d) Give three reasons why a supply curve might shift and the directions it would shift in.