Analyze the relation between the five forces and different market structures.

“Because all points on a contract curve are efficient, they are all equally desirable from a social point of view.” Do you agree with this statement?  Please explain why

Be able to apply these concepts to all of the market structures: 1. Economically Efficient 2. Productively Efficient 3. Allocatively Efficient

What are some markets (goods or services) where an equilibrium might not be the most desirable point? Meaning, if left alone, the market produces too much or too little compared to societal needs.

Question 11: Through markets, buyers and sellers converge to: select all that apply; select all that apply   A Exchange information B Perform transactions C Set equilibriums D Determine geographic boundaries

Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation?

Question Britain is proud of its National Health Service (NHS). In 1948, the National Health Service Act stipulated that the government would provide virtually free medical care for all citizens. Physicians receive a salary plus a per-patient payment from the government. The NHS embodies the socialist philosophy that profit-driven markets are not the appropriate mechanism for allocating health care. Markets serve two functions simultaneously: (1) allocation of existing goods and services among competing buyers, and (2) motivation for producers to bring new goods and services to the market. The NHS was established to replace market-determined prices with prioritized waiting lists as the allocation mechanism among competing buyers. Recently, however, the NHS has embraced the profit motive as a mechanism for performing the second function. The Economist reported that the government has introduced mechanisms to allow hospitals and individual inventors to profit from their innovations.…

Consider a simple economy with two individuals (A and B) and two goods (x and y). Can you draw the Edgeworth Box Diagram and explain the contract curve?

Illustrate an Edgeworth Box Economy with an endowment point and potential gains from trade. Describe all the elements of the Edgeworth box and how we can use it in analysis (the two individuals' preferences, endowment, how we measure good x and y, etc.)

what is Adam's smith theory on The Invisible hand of a Market Economy