Exercises

Skills required: Understanding the situation, Understand the reason of black market exists under shortage, Identify shortage form the condition given by a question, Draw a diagram with demand and supply curve, Show the related condition in the diagram

Skills required: Understanding the situation, Explain how the market force helps to solve the problem of shortage, Identify shortage form the condition given by a question, Draw a diagram with demand and supply curve, Show the related condition in the diagram

Skills required: Understanding the situation, Explain how the market force helps to solve the problem of surplus, Identify surplus form the condition given by a question, Draw a diagram with demand and supply curve, Show the related condition in the diagram

Skills required: Understand the background information, able to draw a supply-demand diagram, able to identify two factors affecting the market, understand the meaning of competitive supply, able to show the change in demand and supply in the diagram, identify the condition of the quantity transacted change in a given direction

Skills required: Understand the background information, able to draw a supply-demand diagram, able to identify two factors affecting the market, understand the effect of change in production cost, able to show the change in demand and supply in the diagram, identify the condition of the price change in a given direction