discussionqst2 - Discussion questions 1 It has been...

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Discussion questions: 1. It has been observed that the best grades of products (oranges, apples and the like) are sent to large cities and are not readily available to consumers in the areas in which they are produced. Explain why. 2. Friedman calls the horizontal summation of the firm’s marginal cost curves the shadow supply curve. Explain: 1) Why for only special cases it is the industry supply curve. 2) Why Friedman selects this name. 3. The development of better fertilizer will increase the value of farm land. 4. The development of more rapid urban transport will inevitably raise the aggregate rental value of urban residential property. 5. If the number of acceptable applicants for admission to medial schools is less than the number that could be accepted, the medical profession cannot be raising its earnings by artificially restricting entry. 6. Stigler says “The notion of capacity is widely used, but seldom defined precisely. Yet it is an ambiguous concept at best.” 7. T, F, or U. External economies imply that the industry supply curve will be negatively sloping. 8.
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This note was uploaded on 01/09/2011 for the course ECON 7140 taught by Professor Kutler during the Spring '10 term at Utah Valley University.

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discussionqst2 - Discussion questions 1 It has been...

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