1. Markets have two sides. One side of a market is the demand side. Describe why the law of demand holds.

2. Markets have two sides. One side of a market is the supply side. (a) Explain why the supply curve is usually upward-sloping. (b) Explain why the law of supply does not always hold. 3. Predict what would happen to the equilibrium price of marijuana if it were legalized.

3. Predict what would happen to the equilibrium price of marijuana if it were legalized