Instructions:
Choose 2 of the following questions and answer fully and include examples and details to convey your understanding of the information you learned in this unit. You will be graded based on the rubric included with this lesson. You will need to include the essay questions with your answer and save in a separate Word document and submit when completed.

1. What are the laws of supply and demand? Which factors cause supply and demand to shift? Explain with details and examples.

2. Market structures are determined by the amount of competition. What are the key characteristics of each market? Explain the characteristics for the following: monopoly, oligopoly, perfect competition, and monopolistic competition.

3. What does it mean that an item or service is elastic versus inelastic? Give three examples of each and explain how each influences your choices?