John takes 10 minutes to iron a shirt and 20 minutes to tyPE A paper. Harry takes 10 minutes to iron a shirt and 30 minutes to typE A paper. Why does Harry has a comparative advantage in typing? Why is having a comparative advantage important? What could John do to have an absolute advantage?

Describe an example for these three scenarios of supply and demand:

1. Supply dictated demand

• Explain the advantages and disadvantages

1. Demand dictated supply

• Explain the advantages and disadvantages

1. Law of demand dictated price and quantity

• Explain the advantages and disadvantages

In thinking about product differentiation, supply and demand, innovation, nature of competition, and pricing, what is the impact each of the three scenarios has on market structure?