1-Explain how the market mechanism helps finding the equilibrium price

Question

1-Explain how the market mechanism helps finding the equilibrium price

of goods? (What happens, if the price is NOT the equilibrium price) 
2-Compare the competitive market and the perfectly price discriminating monopoly from the point of view of efficiency. Is any of them more efficient or more desirable than the other? Why? 
3-Use the consumer's choice model (utility, indifference curve, budget line, optimal choice etc.) to explain how it leads to increased demand for a product if the consumer starts to "like" that certain product better than before. 
4-What are the characteristics of well-behaved indifference curves, and what do these characteristics tell us about the preference of the consumers?
5-You are the producer of Product A. There is a substitute product (B) and a complementary product (C). How would your customers react to changes in the price of product B and product C? How should you react if you want to keep your customers?
6-Explain how a perfectly competitive industry reaches its long run equilibrium. 
7-Compare the monopolistic market and the perfectly competitive market from the point of view of the consumers, the producers and the society as a whole. 
8- Explain how price discrimination can increase the profit of a monopolist. Can it make consumers better off?

Answer 1

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