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  Describe law of supply


  Describe law of supply. Distinguish between change in quantity demanded and change in demand (include a few examples of determinants as well). Provide appropriate graphs.Explain the effect of the following on either demand or supply curve for cupcakes (including whether each case involves a movement along or rightward/leftward shift of the respective curve).A) decrease in price of flour.b)  An increase in price of cupcakes.c)  A rise in the average household income from $4,000 to $7,000.d)  An improvement in dough mixing technology. e)  A recent report issued that the frequent consumption of cupcakes may increase the risk of diabetes. 

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