Evaluation of Chapter 3

A. Multiple Choice
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B. Essays

1. Explain the definition of demand
2. Explain the factors influencing individual demand and supply
3. How does production cost affect the quantity supplied?
4. Explain the law of demand. When does the law apply?
5. Explain the meanings of shifting in demand curve and movement along the demand curve.
6. Explain the impact of subtitute goods to demand elasticity.
7. How does time frame affect on demand?
8. Explain the meaning of market equilibrium price.
9. Explain how the change in market equilibrium happens.
10. Explain the factors influencing the elasticity of demand and supply.