Chapter 3: Q. 13 (page 78)
What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
Buyers will demand less.
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Will supply curves have the same shape in all
markets? If not, how will they differ?
Most government policy decisions have winners
and losers. What are the effects of raising the minimum wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are the losers, and what exactly do they win and lose? To what extent does the policy change achieve its goals?
Does a price ceiling increase or decrease the number of transactions in a market? Why? What about a price floor?
What term would an economist use to describe what happens when a shopper gets a " good deal " on a product?
Agricultural price supports result in governments
holding large inventories of agricultural products. Why do you think the government cannot simply give the products away to poor people?
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