I’m studying for my Economics class and don’t understand how to answer this. Can you help me study?
Answer one of the following questions, option A or B (I will only grade one of the options):
Option A: After reading Chapter 3 in the textbook and the lecture notes posted in Module #2, in your own words, explain the difference between a change in demand and a change in quantity demanded. Be sure to explain what causes each to change and how they differ when graphed. To help support your answer, using a single product, give an example of a change in demand for that product and a change in the quantity demanded of that product.
Option B: After reading Chapter 4 in the textbook and the lecture notes posted in Module #2, In your own words, define the term price ceiling. Explain some of the economic consequences that can result from a price ceiling being imposed and be sure to mention how the placement of the price ceiling (in relation to the equilibrium price) can influence this impact.