Unit 3: Supply and Demand
Objectives:
Optional Homework for Unit 3
ASSIGNMENT #1
Read pages 51-55; Answer section 1; Review on page 55 #'s 1-5
Read pages 56-62; Answer section 2; Review on page 62 #'s 1-6
Read pages 79-85; Answer section 2; Review on page 85 #'s 1-6
ASSIGNMENT #2
Read pages 103-107; Answer section 2; Review on page 107 #'s 1-6
Read pages 108-112; Answer section 3; Review on page 112 #'s 1-6
- What is the Law of Demand?
- What is the Law of Supply?
- What is the difference between a change in quantity demanded and a change in demand?
- What is the difference between a change in quantity supplied and a change in supply?
- What causes a supply curve to shift?
- What causes a demand curve to shift?
- What is a market?
- What is a substitute good?
- What is a complimentary good?
- How does the a change in a substitute or complementary good affect other goods?
- What is elasticity of demand?
- What factors affect elasticity of demand?
- What is market equilibrium?
- What are shortages and surpluses?
- What are price floors and price ceilings?
- What affect do price floors and price ceilings have in the marketplace?
- What is the law of diminishing marginal utility?
- Discuss the basic characteristics of the following market structures:
- Perfect or Pure competition
- Oligopolistic competition
- Monopolistic competition
- Monopolies
- Discuss the various types of Monopolies.
Optional Homework for Unit 3
ASSIGNMENT #1
Read pages 51-55; Answer section 1; Review on page 55 #'s 1-5
Read pages 56-62; Answer section 2; Review on page 62 #'s 1-6
Read pages 79-85; Answer section 2; Review on page 85 #'s 1-6
ASSIGNMENT #2
Read pages 103-107; Answer section 2; Review on page 107 #'s 1-6
Read pages 108-112; Answer section 3; Review on page 112 #'s 1-6