Respond to the following questions in a minimum of 175 words each response
1. Define theâ€¯ law of supply â€¯and the â€¯law of demand. Discuss how market supply differs from individual supply, and explain the difference between individual demand and market demand.
2. What is opportunity cost and how do opportunity costs figure into cost / benefit analysis?
3. Indeed, changes in price of a good or service affect consumers and producers in opposite ways. When only price changes for a particular good, movements up or down supply and demand take place. When all else constant doesn’t hold, what might happen to demand if consumer preferences change?