Economics

11-1
Action Items
• Write a two to three page paper, address the following:
• Describe in your own words the concept of market inefficiency.
• Provide an example of market inefficiency.
• Answer the following questions for your example in Part b:
▪ What are the sources of the market inefficiencies?
▪ What are the ways to deal with them?
• Answer the question below in your conclusion:
When does it make sense for government to interfere with a pure market outcome?
11-3

1.1: A profit-maximizing firm picks the quantity of output at which________equals ________.

1.3: Arrows up or down: at a firm’s current level of output, marginal revenue exceeds the marginal cost. the firm should ______its output and______ its price.

1.10:Equilibrium? in your city, there are currently three firms providing oil changes for each firm, there is a fixed cost of $80 per day and a marginal cost of $12 per oil change. each firm currently maximizes its profit by providing 10 oil changes per day
a. for each firm, marginal revenue=$________
b. this is a monopolistically competitive equilibrium of ________ equals $______

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