Use the supply and demand model to explain what happens to the equilibrium price and the equilibrium quantity for pasta in the following cases:
Definitions:
Agent
An individual or entity authorized to act on behalf of another (the principal) in dealings with third parties.
Contract Remedies
Legal solutions provided in case of a breach of contract, including compensation, specific performance, and rescission, designed to address or correct the breach.
Tort Remedies
Legal solutions available in tort law for injuries or damages, including restitution, damages compensation, and injunctive relief.
Agent Duties
Obligations that an agent owes to their principal, including acting in the principal's best interest, with care, loyalty, and confidentiality.
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