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What explains the differences? Would you have purchased your items if you had received $500 in cash to be spent whenever and wherever you pleased?
How does this relate to the idea that diminishing marginal utility must be understood in context?
Assume that the consumer has $10 to spend on A and B-that is, x + y = 10. How much utility will the marginal dollar yield?
Where individual meters have been installed, water usage has declined 10 to 40 percent. Explain that drop, referring to price and marginal utility.
Explain the income and substitution effects of an increase in the price of product B, with no change in the price of product A.
What is the concept of minimum efficient scale? What bearing can the shape of the long-run ATC curve have on the structure of an industry?
What item would be considered accounting profit? Would economic profit be higher or lower than this accounting profit?
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.
Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures?
In the long run, what will happen to the supply of cashews and the price of cashews?
why the price of a brand-name drug typically declines when an equivalent generic drug becomes available? How that drop in price affects allocative efficiency.
What was your total revenue in dollars yesterday? Why would your profit for the day be considerably less than this total revenue?
What single factor is the most likely cause of the entry and exit differences between your two groups? Explain.
Explain how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
How is the value of a barter transaction determined? What are some IRS barter examples? What does the IRS require of the members of so-called barter exchanges?
How does that competition influence prices? In what sense is there competition among buyers? How does that competition influence prices?
What is meant by the term creative destruction? How does the emergence of MP3 (iPod) technology relate to this idea?
What explains why millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively?
How did the producers decide on the best combinations of resources to use? Who made those resources available, and why?
If this firm's situation is typical for the other makers of banana bread, will resources flow to or away from this bakery good?
Explain these varied outcomes in terms of how the market system answers the question What goods and services will be produced?
What is meant by the term division of labor? What are the advantages of specialization in the use of human and material resources?
How does self-interest help achieve society's economic goals? Why is there such a wide variety of desired goods and services in a market system?
Why are C and Y positively related or are they negatively related? If graphed, would the curve for this equation slope upward or slope downward?
What are the determinants of demand? What happens to the demand curve when any of these determinants change?