1. State the Law of Demand in (a) words, (b) symbols, (c) and graph. 2. State the Law of Supply in (a) words, (b) symbols, (c) and graph. 3. Define demand and supply. What is the major difference between the two? 4. Explain the difference between a change in demand (change in S) and a change in quantity demanded (QS). 5. Define the three possible explanations for the inverse relationship between price and quantity demanded (downsloping D curve). 6. What are the determinants of demand? Which determinants increase and decrease D? Make sure you are able to illustrate them using a graph. 7. What are the determinants of supply? Which determinants increase and decrease S? Make sure you are able to illustrate them using a graph. 8. Define and illustrate surplus, shortage and equilibrium. 9. What happens to P and Q when (a) D increase and S is held constant, (b) D decrease and S is held constant, (c) S increase and D is held constant, and (d) S decrease and D is held constant? Make sure you are able to illustrate using a graph. 10. What happens to P and Q when (a) D increase and S decrease, (b) D decrease and S increase, (c) D and S both increase, and (d) D and S both decrease. Make sure you are able to illustrate using a graph. 11. What does the ceteris paribus assumption means?