1. Explain in detail about supply and demand and their determinants.

2. a. Explain in detail the equilibrium price and equilibrium quantity.

b. If the actual price in the market were above the equilibrium price, what would drive the market toward the equilibrium c. If the actual price in this market is below the equilibrium price, what would drive the market toward the equilibrium

3. Explain what can happen to the quantity supplied of a particular cut of meat when its price rises? Express as a general hypothesis of the relationship between the price and the quantity supplied of any commodity.

4. Explain differences between the short-run rationing function and the long-run guiding function of price with examples.