During the hot summer months, more people want lemonade because it is refreshing. Accordingly, more lemonade stands pop up during the summer months. What happens to the equilibrium price and equilibrium quantity in the lemonade market during the summer? Provide a short explanation and create a supply and demand model to illustrate your points.2. Compare and contrast the following sets of words: normal good versus inferior goodb. substitute good versus complementary goodc. a supply curve versus a supply scheduled. the law of demand versus the law of supply3. Without using a graph, explain the difference between a movement along a demand curve and a shift in the entire demand curve. 1-2 Pages
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