What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point? (Ch. 3) 2. Discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr. (Ch.4) 3. It is said the nation’s legal system is a public good. Does the legal system have the key characteristics of a public good? Explain. (Ch. 5) 4. A product has a negative income elasticity. What does that measure tell us about the product? (Ch. 19) 5. Define the Law of Diminishing Marginal Utility. What is the significance of this law? (Ch.20) 6. Which three costs are primarily used in economic decision making? (Ch.22)