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  1. What Bsic Decisions are made in every economy? how are these decisions made in the Manerican economy?
  2. What factors shape demand? What factors sahpe supply?
  3. Explain the difference between a change in demand and a change in quantity demanded.
  4. Draw a graph that shows the supply and demand for a service. Label the axis, supply curve, demand curve, equilibrium price and quantity.

    Show the effects of establishing a limit on quantity. What is the loss of social welfare? How much loss is born by consumers? How much by Suppliers?
  5. Draw a graph that shows a consumer's indifference map and budget constraint. At which point will the consumer want to be at?
  6. Price elasticity of demand
  7. Cross price elasticity
  8. Price elasticity of Demand
  9. Income elasticity
  10. Inferior good
  11. Substitutes
  12. Compliments
  13. Producer surplus
  14. Consumer surplus
  15. Price Ceiling
  16. Price floor
  17. What is the principal agent problem? How can it be resolved? What is the "perfect" agent?
  18. Market Structure
  19. Market Conduct
  20. Market performance
  21. Oligopoly
  22. Monopoly
  23. Monopsony
  24. Bilateral Monopoly
  25. Monopolistic Competition
  26. Draw a figure that shows profit maximization under perfect competition.
    Label the profit maximizing price and quantity
  27. Draw a figure that shows profit maximization under a monopoly?
    Label the profit maximizing price and quantity
  28. What are the five conditions necessary for competitive markets? provide a health care example where each does not occur.
  29. Technical Technical externalities
  30. Public good externalities
  31. Ownership externalities
  32. What are the three conditions necessary for monoploistic competition?
  33. What are the necessary conditions for a monopsonist to be able to force a discount from a provider?
  34. Draw a graph that shows the dead weight loss monopoly
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