Answer the following questions, based on what we have learned about supply and demand. 1. Follow the link in the Course Schedule to the Wal-Mart Black Friday Ad. Select one of the products from the sales ad that lists the regular price and sales price. List the product and prices: a. Product: b. Regular Price: c. Sales Price: 2. Using the draw tools, draw the supply and demand graph representing the market for the product you chose. (If you don't want to use the draw tools, you can explain how you would draw the graph). Be sure to include all of the following: • Label the x-axis • Label the y-axis • Label the demand curve with a D • Label the supply curve with an S • Label the equilibrium price with the appropriate price from question 1 3. Draw a horizontal dashed line across your graph at the sales price and label it Ad Price. 4. At this advertised price, which is greater, quantity demanded, or quantity supplied? 5. Based on your graph and your answer to part 4, what is the result of the advertised price? 6. According to the Article from the Examiner.com (follow the link on the Course Schedule), why do retail stores advertise at prices substantially below equilibrium price, as they do on Black Friday? What are some additional reasons retail stores may do this? 7. Explain why McDonalds only offers the McRib at certain times and why Disney only offers limited editions of their classic movies.