Draw a supply and demand curve. Label all axes and curves appropriately. Label the equilibrium point, the equilibrium quantity, and the equilibrium price.

Explain the relationship between Diminishing Marginal Utility and the Demand Curve.

Explain the relationship between Diminishing Returns (or increasing Marginal Cost) and the Supply Curve.

Explain what happens to the Supply Curve when Economic Profits are above normal. Below normal.

If there are no externalities or market power and all markets are in equilibrium, what conclusions can we draw from this in economic theory?

Describe the relationship between Allocative and Productive Efficiency

Explain the relationship between Diminishing Marginal Utility and the Demand Curve.

Explain the relationship between Diminishing Returns (or increasing Marginal Cost) and the Supply Curve.

How does Imperfect Information impact the working of markets with reference to:

i. Asymmetric Information?

ii. Moral Hazard?