Question 1: Explain the law of demand. How is a market demand curve derived from individual demand curves?
Question 2: What are the determinants of demand? Distinguish between a change in demand and a movement along a fixed demand curve, noting the cause(s) of each.
Question 3: Explain the law of supply. How is the market supply curve derived from the supply curves of individual producers?
Question 4: What are the determinants of supply? Distinguish between a change in supply and a change in the quantity supplied, noting the cause(s) of each.