Know how to answer market situations o 1. Identify if this impacts the producer/supply or consumer/demand first o 2. Does this result in an increase (Outward movement to the right) or a decrease (inward movement to the left) o 3. What happens to Price and Quantity of that product/service as a result of the shift o 4. Identify which shifter was responsible for the movement (Demand = TIMER; Supply = WAITERS) . Law of Demand