More cards in this set

1.2.7 What is the incentive function of the price mechanism?

1.2.7 What is the signalling function of the price mechanism?

1.2.8 What is consumer surplus?

1.2.8 What is producer surplus?

1.2.9 How do elasticities of demand effect consumer and producer gains/burdens from subsidies and taxes/

1.2.10 What are reasons consumers may not behave rationally?