Answer the questions (175 words each):
1. Discuss how the equilibrium price and quantity change when a change in demand occurs and the supply stays constant, and when a change in supply occurs and the demand stays constant.
2. Would we be able to use supply and demand analysis to explain gasoline or stock prices? If so, what recently happened to gasoline prices or stocks? What economic rational applies?
3. We often see demand either shift forward or backward to change prices and quantities. What are some of the key shift factors which cause consumer demand to shift?
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