Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 3

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 1 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

  After reading this chapter, you should be able to:

  1. Explain the law of demand.
  2. Discuss the difference between money prices and relative prices.
  3. List and explain the other determinants of demand besides the price of the good or service.
    (This learning objective is listed twice to indicate that there will be two questions on the exam covering this topic.)
  4. List and explain the other determinants of demand besides the price of the good or service.
  5. Understand the difference between changes in the quantity demanded and changes in demand.
  6. Explain the law of supply.
  7. Understand the determinants of supply.
  8. Distinguish between changes in the quantity supplied and changes in supply.
  9. Understand the process of determining market equilibrium quantity and equilibrium price.
  10. Understand the process of determining market equilibrium quantity and equilibrium price.