here Ch. 3 Discussion - This chapter is the foundation of Microeconomics - the laws of supply 4 4 GRADED and demand. Prices bring the choices of buyers and sellers into balance. Choose one of the following questions and post a response. 1. Why does the demand curve for a good slope downward to the right? What does the downward slope reflect? Use a specific product or service as an example in your post 2. What is the law of supply? What does it imply about the supply curve for a good or service? Use a specific product or service as an example in your post. 3. If the quantity of a good consumers are purchasing exceeds the quantity producers are willing to supply at the current price, what will happen to the market price in the future? Why? Use a specific product or service as an example in your post. 4. What does the height of the demand curve for a good indicate? What does the height of the supply curve for the good indicate? What condition must be present if an exchange is going to occur? Use a specific product or service as an example in your post. 5. In a market economy, will units of a good be produced and purchased if consumers value them more than their cost of production? Explain. If the production cost per unit of a good exceeds the value derived by consumers, will the good continue to be produced and consumed? Why or why not