NOTE: Each answer in this Section must draw on at least TWO readings specified in the module guide and acknowledge these by in-text references and bibliography using the Harvard system. 1. 2. Evaluate the claim that properly functioning markets, through the equalisation I of marginal values and market costs at equilibrium, achieve the efficiency of allocating resources. 3. 4. 5. "If the majority of consumers follow the law of demand, then the market demand curve constructed should also follow the law of demand - despite some particular consumers might act irrationally." Discuss. 6. Discuss the role of credible threats in sustaining the collusive agreements of oligopolistic firms. "Private negotiations in the spirit of the Coase Theorem offer a more efficient solution than the Pigovian Tax to problems of externalities.' Discuss. Compare and contrast the following two theories of the business firm: (a) Team Production, and (b) Transaction Cost Economics. Discuss the challenge to neoclassical microeconomics arising from the theories of (a) asset specificity, (b) information incompleteness and asymmetry, and (c) contested exchange.

8 Write an email (120-150 words) to ask for • information about an activity that you would like to do. Use an idea from the list or your own idea. Follow the content checklist and remember to use indirect questions. a course at a college or with a one-to-one tutor a sport / activity at a gym joining a volunteering group Checklist • how you heard about the course / activity/group ⚫ the days and times ⚫ the cost if you need any experience / skills • if you need any equipment

Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.

What are somethings that are abundant in a community

Name the three general categories of Resources

The first step to take when you consider making a major purchase is to decide (a) whether you need the product (b) whether you have enough money to buy the product (c) what make and model of the product you should buy (d) where the best place is to purchase the product.

blanks C and D?