Supply and demand at a 9th grade level

Must have paper no later then 6PM EST on Sunday.. (sorry I know it’s short notice) Is well organized in a logical format and easy follow. Follows standard writing conventions with 5 or fewer errors. Main idea is clearly supported in a logical and interesting way. Report is at lease 3 typed pages double spaced long in Time new Roman font size 12. must also have a bibliography with more than 3 sources at least 2 must be print. (do not need to be noted in paper) Details that we would like covered are (questions are just for direction and don’t have to be used directly in the paper. However the direction of it probably should.) supply demand shortage surplus equilibrium point what might happen if the demand for a new type of sneaker began rising quickly? Answer: The sneaker company would raise the price of the sneakers According to the laws of supply and demand, when will companies produce more of a product? Answer: When they can sell it for a higher price The equilibrium point is at the confluence of the supply and demand curves. What does “confluence mean? Answer: intersection Who would set the equilibrium point for the price of a new type of sneaker? Answer: neither a nor b — the equilibrium point is set by the market forces Why do the prices go down when consumers start saving their money? Answer: Consumers become less willing to spend money on goods and services. What is likely to happen if the price of a new pair of sneakers went up? answer: Demand for the sneakers would decrease What factor is most likely to cause a increase in demand for a new type of automobile? Answer: A commercial is which the car is endorsed by a popular celebrity Which condition would lead to the highest prices? Answer: Low supply, high demand When do you say that the market has “Cleared”? Answer: When supply and demand balance out