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1. Why is private property, and the protection of property rights, so critical to the sucess of the market system?

2. Evaluate and explain the following statements:
a. The market system is a profit-and-loss system
b. Competition is the disciplinarian of the market economy

3. What is meant by the term "creative destruction"? How does the emergence of MP3 (iPod) technology relate to this idea?

4. Explain the law of demand. Why does a demand curve slope downward? How is market demand curve derived from individual demand curves?

5. What are the determinants of demand? What happens to the demand curve when any of thes determinants change?

6. Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve derived from the supply curves of individual producers?

7. What are the determininats of supply? What happens to the supply curve when any of these determinants changes? Distinguish between a change in the quantity between a change in supply and change in quantity supplied, nothing the cause(s) of each

8. What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in turn have on room rates?

9.What is the purpose of charging different groups of customers different prices? Supplement the three broad examples in the Last Word with two additional examples of your own. Hint Think of prices discounts based on group characteristic of time of purchas