Microeconomics Analysis practice questions:

1) In the popular press, there exist confusion between two inter-related pricing concepts, the market price for a product and the market equilibrium price. Explain the difference between the two pricing concepts and their relationship to the market system

2) Explain the importance and the role of the market system within the context of microeconomic theory

3) Compare and contrast the major difference(s) between normative economics and positive economics

4) Explain why money is not a resource.