Give a comprehensive discussion or explanation of every test item.And answer it in your own understanding.

Reminder that all of your answers will be subjected to a PLAGIARISM test using GRAMMARLY.

Questions:

1.Discuss the relationship between price and quantity under the Law of Demand, and the relationship between price and quantity under the Law of Supply.

2.What is the role of the government in a market or laissez-fair economy? Discuss.

3.How does a market experience equilibrium situation? Explain.

4.Discuss the mechanics of the price system.

5.In an oligopoly market situation, how does the kinked demand curve come about? Explain.