(1) Explain the Determinants of Demand and Supply integrating outside source examples.

(2) Compare and contrast economies of scope and economies of scale. Be sure to include outside sources.

(3) Discuss the long-run and short-run market outcomes. Find at least one article that supports your explanation.

(4) If perfectly competitive firms and monopolistic firms are not commonplace in the United States, why do we study them? Include at least 2 outside sources.

(5) Explain the economic concept of elasticity. Apply it to at least one real-world example in detail.