Microeconomics

3. How the equilibrium price and quantity change when a change in supply occurs and the demand stays constant? (175 words)

4. Compare and contrast the price elasticity of supply (175 words)

5. Compare and contrast the price elasticity of demand (175 words)

6. Define income elasticity and how it distinguishes normal and inferior goods. (175 words)

7. Compare the short run and long run for perfectly competitive firms. (175 words)

8. How do perfectly competitive firms adapt to market changes in the short run? (175 words)

9. What can perfectly competitive firms expect in the long run in terms of profits? (175 words)

10. Explain how competitive markets determine the wage rate (175 words)

11. Explain the quantity of labor that should be employed. (175 words)

12. Explain the Marginal Revenue Product (MRP) (175 words)