1. (10 Points)
Explain the concept of Pareto Improvements and give examples from purchases you
made during the last Christmas/Holiday season.
The concept of Pareto Improvements action done in an economy that harms no one and
helps at least
List and describe all possible income sources other than wages and salaries?
Child Support- Pay that comes from a parent to another that has primary custody a
child. Meant to try to ensure the kid would get same opportunities as if the pa
1. (10 Points)
o List three distinct types of barriers to entry that can explain the existence of a monopoly,
other than patents and copyrights.
Technological superiority- A monopoly may be better able to acquire, integrate and use
the best p
Describe how a decrease in price will affect the Quantity demanded of an item.
Incorporate a discussion of the Income and Substitution Effects into your response, as
well as the difference between Normal and Inferior goods.
Background: You have a part-time work-study job at the library that pays $10
per hour, 3 hours per day on Saturdays and Sundays. Some friends want you to join
them on a weekend ski trip leaving Friday night and returning Monday morning. T
Economic elasticity is the topic that I have chosen to write about. The short idea of what
this is the measure to which a demand or supply curve reacts to a change in price is what is
considered the curve's elasticity. So what I have gotten o
Identify and summarize:
Four variables that can shift the market labor demand curve.
Market Size- the size of the customer base can have an effect on the demand
Price- Shifts of prices can also be a cause for a fluctua