1. Explain the law of demand. Give a specific product or service from your own experience as an example. Why do you think demand increases or decreases if there is a change in price? (10 Points)

2. Aside from price, choose one among the controllable factors that affect demand and explain in detail how can this affect the demand in the market. Give a specific example. (10 points)

3. Supply curves slope upward which means the higher the price, the higher the quantity supplied. Explain in detail why does quantity increase instead of decrease. (10 Points)