Name five ways in which government intervenes in the free market. Contrast private versus public goods. Describe the free rider…
On a personal level, what kinds of questions can capital analysis help us answer? At a professional level, capital analysis…
Explain why the demand for labor and other factors of production is a derived demand. The derived nature of resource…
Name the three major factors of production. Discuss four reasons to study factor pricing. Which of the three major factors…
Define oligopoly. Illustrate scale-economy barriers to entry. Explain the entry dilemma in oligopolistic industries. What kinds of industries are characterized…
What is a cartel? Are cartels legal in the United States? When does a monopoly exist? What is the pricing…
To what does industry structure refer? What are the major types of industry structures? What is the central concept driving…
Illustrate the production function algebraically and explain its components. What does the production function specify? Define the short run. Define…
Consumer choice boils down to what three things? What is the difference between a cardinal and ordinal measure of utility?…
Why does quantity demanded tend to fall as price rises? Suppose the average income of consumers rises. What happens to…