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Q: As explained in the chapter, economic efficiency is a market outcome

As explained in the chapter, economic efficiency is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production. Using this explan...

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Q: According to an article in the Wall Street Journal, a decline

According to an article in the Wall Street Journal, a decline in demand for ethanol, which is made from corn, has reduced the demand for corn. Many U.S. farmers can use the same acreage to grow either...

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Q: Briefly explain whether each of the following is primarily a microeconomic issue

Briefly explain whether each of the following is primarily a microeconomic issue or a macroeconomic issue. a. The effect of higher cigarette taxes on the quantity of cigarettes sold b. The effect of h...

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Q: Does using rules of thumb increase or decrease the likelihood of a

Does using rules of thumb increase or decrease the likelihood of a consumer making an optimal choice? Briefly explain.

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Q: Political commentator B. Bruce-Briggs once wrote the following in

Political commentator B. Bruce-Briggs once wrote the following in the Wall Street Journal: “This is not to say that the case for international free trade is invalid; it is just irrelevant. It is an ‘i...

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Q: Briefly explain how international trade increases a country’s consumption.

Briefly explain how international trade increases a country’s consumption.

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Q: The following is from an article in USA Today: In what

The following is from an article in USA Today: In what some call a worldwide corporate governance movement, shareholders are pushing for stronger corporate-governance laws, teaming with investors from...

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Q: Briefly discuss how economists explain the rapid increases in health care spending

Briefly discuss how economists explain the rapid increases in health care spending.

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Q: When lettuce prices doubled, from about $1.50 per

When lettuce prices doubled, from about $1.50 per head to about $3.00, the reaction of one consumer was quoted in a newspaper article: “I will not buy [lettuce] when it’s $3 a head,” she said, adding...

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Q: What is the tragedy of the commons? How can it be

What is the tragedy of the commons? How can it be avoided?

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