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- Select and name a market of any well-known product , draw its market diagram, state and name four different factors that might cause changes in equilibrium price and quantity.3-1 Competitive Markets True or False (Why): In a competitive market, buyers and sellers have significant market power. 3-2 Demand What is the difference between an individual demand curve and a market demand curve? If the price of zucchini increases, causing the demand for yellow squash to rise, what do we call the relationship between zucchini and yellow squash? If plane travel is a normal good and bus travel is an inferior good, what will happen to the demand curves for plane and bus travel if incomes increase? What would be the effects of each of the following on the demand for hamburger in Hilo, Hawaii? In each case, identify the responsible determinant of demand. a) The price of chicken falls. b) The price of hamburger buns doubles. c) Scientists find that eating hamburger prolongs life. d) The population of Hilo doubles. 3-3 Supply What is the reason that a supply curve is positively sloped? If the price of corn rose, a) What would be the effect on the supply of corn? b)…How does shoppee and lazada compete in the market?