1. Give a single definition of the term “the market” as it is used in expressions like “the market for wheat,” “the legal US market for kidneys,” and “the market for the common stock of a particular corporation.” Explain why your definition is broad enough to apply to all markets, including each of those listed above. Also explain why your definition is narrow enough to exclude things that are not markets. A good definition captures the most essential features that all markets have in common. If a market’s characteristics listed in your definition change, we should agree that the market has changed. B. Define a lump sum tax. Why are lump sum taxes rarely used by real governments? C). A firm with private marginal cost PMC and average unsunk cost AUC is producing Q units and selling them at a price P, where P > PMC(Q) and P > AUC(Q + 1). The firm could make more profit if it could sell more at the same price P per unit. Explain why we can be sure of this.