After reading this chapter, you should be able to:
Explain the law of demand
Discuss the difference between money prices and relative prices
Distinguish between changes in demand and changes in quantity
demanded
Explain the law of supply
Distinguish between changes in supply and changes in quantity
supplied
Understand how the interaction of the demand for and supply of a
commodity determines the market price of the commodity and the
equilibrium quantity of the commodity that is produced and consumed
