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