EXAMPLE QUESTION What happens to the price and quantity if the demand and supply both decrease at the same rate? EXAMPLE ANSWER/ The price stays the same and quantities decrease 1. What happens to the price and quantity if the demand and supply both increase at the same rate? 2. What happens to the price and quantity if the demand increases and supply decreases at the same rate? 3. What happens to the price and quantity if the demand decreases and supply increases at the same rate?

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.