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After reading the materials and watching the video provided under week 2 of your course webpage, Discuss the following questions with your peers. interactively post
After reading the materials and watching the video provided under week 2 of your course webpage, Discuss the following questions with your peers. interactively post your responses to the forum and read and reply to the responses provided by your peers. What is a market and what forces play a role in its dynamics? What do we mean by demand and supply? What affects the amount sold and bought for a given product? Give an example. Should smokers be required to pay more for insurance than non-smokers? Why? How does the market for illegal goods and services differ from the market for legal goods? What are the effects of punishments that enforce laws to make the production and consumption of particular goods illegal? What does this imply for the price and quantity of the illegal products demanded and supplied to the market
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