1.True or False.Property rights play a critical role in the market system. Explain.

2. True or False. The equilibrium point satisfies all participants in a market. Explain

3. Distinguish between normal and inferior goods.

4. Why is it better to impose a new tax on a product with inelastic demand as opposed to one with elastic demand if the goal is to raise revenue from the tax?

5. View the video at the link below and share your thoughts on the economic concepts that you believe are applicable. In your response, provide a rationale on whether or not a firm has to possess market power in order to raise prices.

https://www.youtube.com/watch?v=goorf9XFZGU