Chp. 7 Assignment
1. Free markets allow for the most efficient allocation. Peoples wants and needs are met;
people pursue their self-interests, while contributing to a higher standard of living.
Resources are used at the highest value.
2. Market a
Chp. 3 Assignment
1. A free market allows buyers and sellers to interact voluntarily without interference.
Market price is established where supply and demand are equal; resources are allocated
to where their use has the highest value.
Chp. 5 Assignment
1. The relationship is between total output and the variable costs; fixed costs remain
2. Economic profit is revenue less all costs, including opportunity costs of the owners
3. Selling one more unit of a good r
CHP 6 Assignment
Competition benefits consumers with more options for goods and services at lower
prices. Also, resources are allocated effectively.
Creative destruction are inefficient or obsolete goods, services, and resources.
April 14, 2013
OPEC: The Ultimate Oligopoly?
Oligopolies exist and are thriving throughout the world. An oligopoly is defined as, a
market characterized by a small number of firms who realize they are interdependent in their
pricing and outp
Frankl Final Exam
July 2, 2013
Recounting his experience in a concentration camp, Victor Frankl describes the
unimaginable suffering and anguish that was forced upon him and countless others. Despite the
tortuous pain and eventual numbness, Frankl discove
The Quran obligates every Muslim to make the pilgrimage to Mecca once in their
lifetime, as long as it does not cause undue hardship on the pilgrim or the pilgrims family. Hajj
is one of the five pillars of Islam. The annual ritual is completed in observa
CHP. 17 Assignment
1. Comparative advantage, which is based on the opportunity costs of production.
2. General theories include productivity differences and factor abundance. Other teories
are aimed at human skills, product life cycles and consume
Central Arizona College-Spring 2013
Micro Economics: ECN-202 (Cadena)
Course Number/Title: ECN-202 Principles of Micro Economics, ()
COURSE DESCRIPTION: A descriptive analysis of the theory of consumer choice, price determination,
resource allocation and