• Explain what equilibrium in the market is and why there is a tendency to strive for it. (Remember, if the price of something is higher or lower than the equilibrium price, what forces (i.e., human behavior) push the price and quantity to equilibrium).
• Reflect on one of your favorite products that increased in price. How did you react to the price change? Did you remain brand loyal or change to a different product? Talk about a product that you wouldn't change no matter what the price is and why.