Answer the following questions.
Question 1) Explain why price and quantity demanded are inversely related and why price and quantity supplied are directly related.
Question 2) Distinguish between demand and quantity demanded; and supply and quantity supplied.
Question 3) Draw graph demand and supply curves when demand and supply schedules are given.
Question 4) Explain the Law of Demand and the Law of Supply.
Question 5) Write down the major determinants of demand.
Question 6) Write down the major determinants of supply.
Question 7) Describe the concept of equilibrium price and quantity.
Question 8) Demonstrate graphically equilibrium price and quantity.
Question 9) Describe the effects of changes in demand and supply on equilibrium price and quantity.
Question 10) Describe the effects of the price change for one good on demand for its substitutes or complements.
Question 11) Provide the example of rationing function of prices.
Question 12) Describe how concepts of supply and demand apply to resource markets briefly.