Posted: January 17th, 2023
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Water is necessary for life. Is the marginal benefit of a glass of water large or small? Give an example of some action from your real life that has both a monetary and nonmonetary opportunity cost.
What does the “invisible hand” of the marketplace do? Explain the two main reasons of market failure and give an example of each.
How does a price ceiling set below the equilibrium level affect quantity demanded and quantity supplied?
What would be the impact of imposing a price floor below the equilibrium price? If a price floor benefits producer, why does a price floor reduce social surplus?
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