supply and demand are powerful forces in a free market. in four to five sentences, explain some of the…

Brief Explanations:

Supply can shift due to changes in production - costs (e.g., raw - material prices), technology, and number of suppliers. Higher production costs shift supply left, reducing quantity and increasing price. Demand can shift with changes in consumer income, tastes, and number of consumers. An increase in consumer income for normal goods shifts demand right, raising quantity and price. These shifts help determine equilibrium in a free market.

Answer:

Supply can shift due to production - cost changes, technology, and number of suppliers. Higher costs shift it left. Demand can shift with income, tastes, and number of consumers. Higher income for normal goods shifts it right. These shifts affect market equilibrium.