Learning Outcomes

In this free course, you will learn how to:

• Define the concept of 'demand'
• Explain the different exceptions to the law of demand
• Discuss the law of supply
• List the various factors influencing supply
• Explain market equilibrium and disequilibrium situations
• Distinguish between the different types of elasticity
• Define 'consumer theory'
• Explain the concept of 'marginal utility'
• Describe consumer equilibrium
• Compute various types of elasticity
• List factors influencing the elasticity of supply
• Explain the effects of the government policy on the price and the quantity