1)What is the difference between demand and quantity demanded?

2)True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus. Explain in your answer.

3)What is wrong with this statement: "Asthe price of a good falls, the supply of that good falls, ceteris paribus"?

4)Use the law of diminishing marginal utility to explain why demand curves slope downward.

5)Predict what would happen to the equilibrium price of mar-ijuana if it were legalized.

6)What is the difference between supply and quantity supplied?

7)Explain how the market moves to equilibrium in terms of shortages and surpluses and in terms of maximum buying prices and minimum selling prices.

8)Buyers always prefer lower prices to higher prices. Do you agree or disagree with this statement? Explain your answer.