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1. Explain the law of supply and why the supply curve is upward sloping.
2. List the factors that will shift the supply curve.
3. Explain the concept of equilibrium price and quantity.
4. Explain the rationing function of prices.
5. Explain how the market supply and demand curves are derived from the individual supply and demand curves.
6. Define a price ceiling and floor and explain the impact each has on a market.
7. Explain why in a competitive market, the market will always move towards equilibrium.
8. Discuss how the market will eliminate shortages and surpluses in a market.
9. Define and explain productive and allocative efficiency.
10. Complete the tables by indicating if the equilibrium price and quantity will increase or decrease.
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