1. Why does an individual's demand curve normally slope down? Why does a market demand curve normally slope down?
2. Why does a firm's supply curve normally slope up? Why does a market supply curve normally slope up?
3. What is the significance of the point where supply and demand curves intersect?
4. Explain why, if the price of a good is above the equilibrium price, the forces of supply and demand will tend to push the price toward equilibrium. Explain why, if the price of the good is below the equilibrium price, the market will tend to adjust toward equilibrium.
5. Name some factors that could shift the demand curve out to the right.
6. Name some factors that could shift the supply curve in to the left.